Solutia Inc. has announced that it has acquired Singapore-based maker of window films for the automotive and architectural markets – Novomatrix – for USD 73 million.
Solutia reported that the company…
Solutia Inc. has announced that it has acquired Singapore-based maker of window films for the automotive and architectural markets – Novomatrix – for USD 73 million. Solutia reported that the company was bought from MAFLP Investments Ltd. and Globamatrix Holdings using existing cash and without additional third-party financing. The acquisition expands Solutia“s presence in Southeast Asia and the Middle East, also complementing the US company“s presence in Northern Asia. This acquisition strengthens Solutia“s core competencies, supports our growth strategy for the performance films division and bolsters our talent base in Asia, Jeffry Quinn, Solutia chairman, president and chief executive said in a statement. Solutia also announced at the end of April that it had plans to expand its manufacturing plant in Suzhou, China, to make more polyvinyl butyral (PVB) interlayer for laminated glass for the automotive, architectural and solar markets in Asia.