Solutia Confirms Cessation of Production at Astaris' Elemental Phosphorus Facility
Solutia expects its share of the after-tax charge associated with the actions at the facility to be in the range of $40 million to $45 million. Approximately 70 percent of the charge represents cash obligations of Astaris, specifically closure costs, employee severance and contractual commitments, which will be paid out over the next five to six years. The remainder of the charge is comprised of non-cash items. Solutia will have no additional responsibility for long-term costs and actions, including environmental remediation of the Pocatello site.
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