28 June 2002 16:25 [Source: ICIS news]
TORONTO (CNI)--Canada's Nova Chemicals said Friday it will restructure its styrenics division with expansion of expandable polystyrene (EPS) in the US and closure of solid polystyrene (SPS) reactors in the US and Europe with a loss of 37 jobs.
In a statement issued today, Nova said it will:
Chris Pappas, president of Nova’s styrenics business, said: "Nova Chemicals has created one of the largest styrenics businesses in the world. Now, we will be moulding it into one of the most efficient and innovative styrenics businesses in the world."
Pappas described the restructuring as "just the first phase of what promises to be a continued effort throughout the year." He said Nova will make further announcements during the course of the year.
Shares of Calgary, Alberta-based Nova were up slightly at Can$33.90 ($22.40/Euro22.80) in early trading Friday on the Toronto Stock Exchange. The company’s 52-week high and low are Can$40.10 and Can$23.20, respectively.
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