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Solutia Inc. is a chemical production company that was formed in 1997 as a spin-off of Monsanto. A nylon manufacturing plant in Pensacola's Gonzalez area was built in 1953 as part of the "Chemstrand" partnership between Monsanto and American Viscose Corporation. Monsanto took sole ownership of the plant in 1963 and operated it until the Solutia spin-off. After several years of financial troubles, Solutia announced on April 1, 2009 it would sell its nylon division to New York private equity firm SK Capital Partners.