US Glass - April 2008 - USGlass Magazine

CompanyNews
Solutia Emerges From Chapter 11;
Trades Under New Stock Symbol
St. Louis-based Solutia Inc. emerged from Chapter 11
reorganization in late February. “Solutia has emerged
as a well-positioned specialty chemicals and performance
materials company with market-leading global positions
and a diverse portfolio of high potential businesses,”
says Jeffry N. Quinn, chairman, president and chief executive
officer. “We believe we are a stronger, healthier and more
competitive company than at any point in our history. Over
the past four years, we have transformed our portfolio
through strategic acquisitions, internal investments, asset
dispositions and the re-deployment of significant nylon assets
to higher-value uses.”
On November 29, 2007, the U.S. Bankruptcy Court for the
Southern District of New York confirmed Solutia’s plan of reorganization
and approved the company’s exit from bankruptcy
subject to certain conditions including the funding
of an exit financing facility. Citigroup Global Markets Inc.,
Goldman Sachs Credit Partners L.P. and Deutsche Bank Securities
Inc funded Solutia’s $2.05 billion exit financing facility.
This exit financing is being used to pay certain
creditors, and for ongoing operations.
The new common stock of reorganized Solutia began trading
on the New York Stock Exchange under the ticker symbol
SOA on March 3. The “old” Solutia stock, which was trading
over-the-counter under the SOLUQ ticker symbol, was cancelled
as of February 28.
❙❙➤ www.Solutia.com
J.E. Berkowitz Renews Plant’s
ISO 9001-2000 Certification
On January 25, 2008, J.E. Berkowitz, L.P. (JEB) of Pedricktown,
N.J., achieved a renewal of its ISO 9001-2000 certification.
JEB was audited by KEMA Registered Quality Inc. for
its standards of quality in architectural glass products and
Solamatrix to Acquire FTI Assets
Officials of the defunct Film Technologies International
Inc. (FTI) announced in late February that
Novomatrix Pte Ltd. of Singapore has entered into
an agreement to acquire the discontinued company’s property,
plant, equipment, intellectual property and various
other manufacturing assets. FTI ceased manufacturing operations
January 26, after experiencing a long decline and
several failed attempts at establishing acquisition (see February
2008 USGlass, page 18). Novamatrix will acquire the
assets through Solamatrix Inc., an affiliated company.
Novomatrix Pte. Ltd. (NVP) is a joint venture between
Globamatrix Holdings (GMX) and Southern Capital Group,
headquartered in Singapore. The GMX group currently owns
and operates a number of window film brand names, including
V-KOOL ® , Huper Optik ® , Nanolux ® and IQue ® . Manufacturing,
however, is a new endeavor for the company.
“This is a major milestone for the Novomatrix group of
companies,” says Andrew Kwan, director of Novomatrix. “Its
capabilities have been augmented, its offerings broadened
and its standing elevated overnight with this upstream integration
into the manufacturing arena.”
Kwan says the company has assembled a management
team to spearhead its new endeavor and it plans to start its
new operations as soon as possible.
“We expect to fire up the engines operationally in short
order as well,” says Colonel Wee Hian Woon, director.
FTI’s former chief executive officer, Don Wheeler, says he
is pleased that the legacy of his company’s brand names
will continue.
“I have every confidence in their ability to re-employ the recently
and extensively upgraded assets successfully and wish
them the very best in their future endeavors,” Wheeler says.
It is unclear whether the new company will be able to
reemploy any of FTI’s displaced employees.
Dave Fletcher, president and chief executive officer of
Solamatrix Inc., says the company’s investment will enable
it to deliver a U.S.-made product.
“Solamatrix will be positioned to deliver differentiated,
good quality U.S.-made products serving the new SunGard,
SafeGard and GlassGard network who are aligned with the
group’s vision,” Fletcher says. “The company believes the
group’s unique roots as a distributor will enable it to better
understand the needs of the market as well as foster closer
ties with its distribution network of choice …”
20 USGlass, Metal & Glazing | April 2008 www.usglassmag.com