ST. LOUIS, Sept. 16 /PRNewswire-FirstCall/ -- Solutia Inc. , a leading manufacturer and provider of performance films, specialty chemicals and an integrated family of nylon products, today announced that each of its U.S. labor unions has ratified new five-year collective bargaining agreements which set pension and health and welfare benefits for its employees who are represented by labor unions. The agreements, which take effect January 1, 2006, provide for changes to pension and welfare benefits consistent with those Solutia had previously implemented for U.S. non-union employees.
"The ratification of these agreements is a strong endorsement of the future of our company by a very important segment of our employees. These changes will help us emerge from bankruptcy as a viable, well-positioned company. I would like to commend the union officers at each of our facilities for their leadership in working with us to build a Solutia that can achieve its ultimate potential," said Jeffry N. Quinn, president and CEO, Solutia Inc.
James R. Voss, senior vice president of business operations, added, "The new agreements includes changes to our pension and employee welfare benefits that are necessary for Solutia to be cost competitive on a global basis, and to improve the future viability of our unionized facilities. In an era when too often companies have an adversarial relationship with their unions in the courtroom or on the picket lines, we are pleased that our union memberships had the foresight to work with us and negotiate and ratify five-year agreements that are in everyone's best interests."
Approximately 14 percent of Solutia's 4,100 U.S. employees are represented by labor unions. These seven local labor unions represent employees at five Solutia sites: Anniston, Ala.; Sauget, Ill. (Krummrich Plant); St. Louis, Mo. (Queeny Plant); Trenton, Mich.; and Springfield, Mass. (Indian Orchard Plant). These sites produce such products as Saflex(R) and Butvar(R) resin, used in the automotive and commercial/residential construction industries, along with other products such as Therminol(R) heat transfer fluids, which are used in manufacturing processes at temperatures ranging from -60 degrees F to 750 degrees F, and Skydrol(R), the most advanced fire-resistant hydraulic fluid for aviation.
Forward Looking Statements
This press release may contain forward-looking statements, which can be identified by the use of words such as "believes," "expects," "may," "will," "intends," "plans," "estimates" or "anticipates," or other comparable terminology, or by discussions of strategy, plans or intentions. These statements are based on management's current expectations and assumptions about the industries in which Solutia operates. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Solutia's most recent Annual Report on Form 10-K, under "Cautionary Statement About Forward-Looking Statements," Solutia's quarterly reports on Form 10-Q, and in filings with the U.S. Bankruptcy Court in connection with the Chapter 11 case of Solutia Inc. and 14 of its U.S. subsidiaries. These reports and filings can be accessed through the "Reorganization" and "Investors" sections of Solutia's website at http://www.solutia.com . Solutia disclaims any intent or obligation to update or revise any forward-looking statements in response to new information, unforeseen events, changed circumstances or any other occurrence.
Solutia ( http://www.Solutia.com ) uses world-class skills in applied chemistry to create value-added solutions for customers, whose products improve the lives of consumers every day. Solutia is a world leader in performance films for laminated safety glass and after-market applications; process development and scale-up services for pharmaceutical fine chemicals; specialties such as water treatment chemicals, heat transfer fluids and aviation hydraulic fluid and an integrated family of nylon products including high-performance polymers and fibers.
Solutia ... Solutions for a Better Life.