Performance materials and speciality chemicals company Solutia has acquired Southwall Technologies for $113m.
The transaction is funded with existing cash-on-hand, and is anticipated to be accretive in the first year.
Solutia chairman president and CEO Jeffry Quinn said the deal will help Solutia to increase growth potential in its existing businesses.
"This acquisition combines Solutia's leading commercial and market expertise with Southwall's innovative and proprietary capabilities, positioning Solutia to provide the next generation of advanced film solutions to the premium window film and electronics markets," Quinn said.
The deal followed the completion by Solutia of a tender offer for all of the outstanding shares of common stock of Southwall, at a purchase price of $13.60 per share in cash, without interest and less any applicable withholding taxes.
