Solutia assessing damage of Hurricane Ike

Chemical maker Solutia Inc. said Wednesday it is still assessing the financial and physical impact Hurricane Ike had on its nylon chemical plant in Alvin, Texas.

Initial assessments have revealed no flood damage, although some wind damage has occurred, the company said. No other plants have been affected.

Solutia's review of the site's infrastructure has been "fairly positive," however reviews of the region's infrastructure remain uncertain and could slow the return to normal operations. The company has yet to provide an estimate of any financial impact or potential insurance recovery due to the hurricane.

Solutia said it is working with suppliers and customers to minimize any potential disruption as it resumes normal operations.

"Prior to the hurricane we implemented a contingency plan to move finished goods and intermediates off site, which is helping us meet customer demands," said Jim Voss, acting president of the company's Integrated Nylon division and president of its Technical Specialties business.

Facilities were shut down in advance after Solutia ordered an evacuation of all personnel.

Shares of Solutia fell $1.19, or 8 percent, to $13.85 in afternoon trading.