Abstract
WHEN IT ENDED more than four years in bankruptcy earlier this year, the chemical maker Solutia won what its chief executive officer, Jeffry N. Quinn, calls a new lease on life. Now, with plans to sell off its nylon operations, Quinn wants to fashion Solutia into a highly profitable producer of performance specialties poised to take advantage of a growing solar energy market. How Solutia got to where it is today is a decade-long story that has mesmerized many in the chemical industry. Back in 1997, Monsanto spun off its chemical operations to shareholders as Solutia before journeying on to become the preeminent agricultural biotech firm. Solutia took over a big chunk of Monsanto’s outstanding debt, its chemical worker pension and health care obligations, and its environmental liabilities. “Operating with those legacy liabilities was like trying to run a marathon with leg weights on,” says Quinn, 49, who himself has run in the New York ...
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