Solutia, a performance materials and speciality chemicals company, has signed a definitive agreement to acquire Southwall Technologies for a purchase price of approximately $113m.
Southwall stockholders will receive $13.60 per share in cash for all outstanding shares of Southwall common stock.
It is anticipated that a subsidiary of Solutia will commence a tender offer for all of the outstanding shares of Southwall common stock no later than 25 October 2011.
The tender offer is expected to be completed in the fourth quarter of 2011.
The acquisition will secure Solutia's access to Southwall's proprietary XIR technology, a key base material for the company's high-growth V-Kool premium aftermarket window films.
Solutia chairman, president and CEO Jeffry Quinn said the acquisition positions Solutia as the world leader in sputtering technology, combining the industry's commercial expertise with next-generation innovation capabilities to provide advanced film solutions to the premium window film and electronics markets.
Southwall Technologies president and CEO Dennis Capovilla said together they will focus on the delivery of next-generation films to their customers that achieve unmatched levels of solar performance and optical clarity.
