New York-based private equity firm SK Capital Partners has completed its $50m acquisition of Solutia Inc's nylon business, and has renamed the business Ascend Performance Materials.

The chemicals, plastics and fibres business is one of only two in the world that own the complete range of technology to produce nylon 66. Its brands include Ascend, which is used to make flame-retardant fabrics.

The company had revenues of around $1.8bn in 2008, and the deal included its management and employees, as well as all five of its manufacturing plants.

SK Capital has named Frederic Poses, former chairman and CEO of American Standard and COO of AlliedSignal, to lead the new company.

Timothy Strehl continues as president.

"We are attracted by the growth opportunities that exist within Ascend's businesses," said Mr Poses.