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Specialty chemicals company Solutia Inc. said Tuesday that Boeing Co. has approved the use of its Skydrol PE-5 hydraulic fluid on all Boeing aircraft.

Airlines have been using Skydrol fire-resistant hydraulic fluids for 60 years, Solutia said. The patented PE-5 formula was developed to meet a new, standard set of fluid requirements jointly developed by Boeing, Airbus and other hydraulic fluid makers.

Chigago-based Boeing said it will use Skydrol PE-5 in current planes as well as its next generation of aircraft.

"The fact that Skydrol PE-5 has now achieved full approval by one of the world's leading airframe manufacturers is a testament to the strength of our team and our product," Solutia Vice President Greta Senn said in a statement.

Shares of Solutia, based in St. Louis, fell 35 cents, or 2.3 percent, to $14.83 in midday trading. Boeing shares fell 96 cents to $68.03.

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