Solutia reaches $22.5 million settlement of Astaris joint venture lawsuit

By Caroline Salls

Pittsburgh, April 2 - Solutia Inc. has reached a $22.5 million settlement in connection with a lawsuit filed by Solutia in October 2003 relating to its former Astaris joint venture with FMC Corp., according to a Solutia news release.

Under the settlement, FMC will pay Solutia $22.5 million in cash, and both parties will release each other from all claims related to this case.

The settlement is subject to approval by the U.S. Bankruptcy Court for the Southern District of New York.

According to a 10-K filed with the Securities and Exchange Commission, the lawsuit was filed over the failure of purified phosphoric acid technology provided by FMC to Astaris.

Solutia, a St. Louis-based manufacturer and provider of performance films, specialty chemicals and an integrated family of nylon products, filed for bankruptcy on Dec. 17, 2003. Its Chapter 11 case number is 03-17949.

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