Solutia Announces The Acquisition Of Novomatrix

The acquisition of Singapore-based Novomatrix from MAFLP Investments Limited and Globamatrix Holdings for $73 million was financed through existing cash and did not require additional third-party financing.
 
"This acquisition strengthens Solutia's core competencies, supports our growth strategy for the Performance Films division and bolsters our talent base in Asia," said Jeffry N. Quinn, chairman, president and chief executive officer of Solutia Inc. "As Solutia looks to the future, we are executing upon our previously stated strategy of enhancing our portfolio through targeted bolt-on acquisitions that support our existing businesses. We welcome the strength of Novomatrix, its employees and its well-positioned brands into the Solutia family."
 
The acquisition expands Solutia's reach in key emerging regions through Novomatrix's well-established presence in Southeast Asia and the Middle East, which will complement Solutia's presence in Northern Asia. Integration of Novomatrix also provides an additional talented employee base in the region; ensuring continuation of Solutia's high-performance culture in this important market. In addition, Solutia's manufacturing capabilities, processing expertise, technology resources and strong dealer and distribution networks will benefit the Novomatrix brands.
 
Adding the Novomatrix portfolio of high-end brands to Solutia's existing Performance Films division further enhances Solutia's position as the leading global supplier of aftermarket window film. Novomatrix has a number of leading value-priced, premium and ultra-premium brands, including V-Kool(R) and Huper Optik(R), expanding Solutia's range of product offerings and enhancing the company's ability to secure projects that specify certain performance characteristics. "A multi-brand approach will create opportunities to grow market share for all brands in existing and new markets," states Ray Kollar, president and general manager of Solutia's Performance Films division. "We will be able to satisfy a wide array of film needs and requirements by choosing the best solution among our product offerings."
 
NOTE TO EDITORS: Solutia and Infinity Logo(R) and all other trademarks listed below are trademarks of Solutia Inc. and/or its affiliates. Novomatrix, IQue, Sun-X, Huper-Optik and V-Kool are trademarks of Novomatrix Pte Ltd and its affiliated companies.
 
About Novomatrix:
 
Novomatrix Pte Ltd (NVP) is a joint venture between Globamatrix Holdings and Southern Capital Group, headquartered in Singapore with regional offices in Houston, Dubai, Tokyo, Shanghai, Beijing and Shenzhen. It is a market leader in the spectrally selective window film business operating several global brand names including V-KOOL(R), Huper Optik(R), Nanolux(R), IQue(R) and Sun-X(R). NVP has market presence in over 30 countries with distribution reach in excess of 1,000 outlets worldwide. In many of the markets it serves, V-KOOL(R) and Huper Optik(R) are market leaders with unparalleled brand awareness and loyalty. It has won numerous accolades including the Consumer Best Buy, Superbrand (Singapore) and Promising Franchisor of the Year awards. NVP's 2009 revenue was about 2% of Solutia's total 2009 revenue.