ExxonMobil Chemical to Acquire Solutia's Share of Advanced Elastomer Systems

HOUSTON--(BUSINESS WIRE)--Feb. 1, 2002--ExxonMobil Chemical today announced plans to become the owner of Advanced Elastomer Systems (AES) by acquiring Solutia Inc.'s 50 percent interest in AES. ExxonMobil Chemical and Solutia have signed a binding contract for this acquisition subject to government reviews. Timing of the sale and terms of the agreement were not disclosed.

AES, formed in 1991, is a limited partnership between ExxonMobil Chemical and Solutia. Headquartered in Akron, Ohio, AES has annual sales of approximately $300 million and employs about 700 people worldwide.

"This acquisition demonstrates ExxonMobil Chemical's commitment to having the broadest portfolio of polymers based upon ethylene and propylene serving a broad range of markets," stated Jim Harris, Polymers senior vice president, ExxonMobil Chemical Company. "We are very pleased, as AES is the premier engineered thermoplastic elastomer business well known for the quality of its products and customer service."

AES is known worldwide for excellence in thermoplastic elastomers (TPEs), products that perform like rubber and process like plastic, offering customers design options, cost reduction, and performance improvements. The company brings its breakthrough Santoprene(R) thermoplastic rubber to applications in automotive, construction, consumer goods, electrical, food and beverage, plumbing and irrigation, and medical markets throughout the world.

With marketing and operations in more than 150 countries around the world, ExxonMobil Chemical and its affiliates are recognized worldwide as the pre-eminent Ethylene Elastomers supplier in product quality, technology, supply reliability, and customer service. ExxonMobil Chemical is a division of Exxon Mobil Corporation. Additional information regarding ExxonMobil Chemical can be found at our Web sites: www.exxonmobilchemical.com, www.vistalon.com, and www.exactplastomers.com.

ExxonMobil Chemical refers to ExxonMobil Chemical Company and one or more of its affiliates. Santoprene(R) is a trademark of Advanced Elastomer Systems. Vistalon(R) and EXACT(R) are trademarks of Exxon Mobil Corporation.

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