ICS Magazine

Texas flood to hurt Solutia third-quarter results

August 16, 2002
ST. LOUIS, Aug 26 (Reuters) - Specialty chemical maker Solutia Inc. said Monday that a severe storm and flooding in the Houston area that forced shutdown of its Alvin, Texas, Integrated Nylon facility would hurt third-quarter earnings.

"Solutia expects the earnings impact for the third quarter to be in the range of 4 cents to 6 cents per share," John Saucier, vice president and general manager of Integrated Nylon, said in a release issued by St Louis-based Solutia.

The earnings impact reflects lost margin on sales as well as incremental costs to repair and restart the plant, the company said. Solutia expected the Texas plant to be operational by the end of this week.