22 March 2007 13:28 [Source: ICIS news]
TORONTO (ICIS news)--Canada’s NOVA Chemicals and INEOS plan to expand their European joint venture to North America to include NOVA’s STYRENIX unit and other styrenic polymer assets, NOVA said on Thursday.
NOVA has signed a letter of intent with INEOS and expected the transaction to be completed in the third quarter, it said.
Calgary, Alberta-based NOVA had been planning for some time to either sell STYRENIX or find a joint venture solution for it.
STYRENIX includes NOVA’s North American styrene and solid polystyrene assets and its interest in the existing European NOVA Innovene venture.
NOVA would retain full ownership of its olefins/polyolefins unit and its North American expandable polystyrene business, it said.
NOVA's CEO Jeff Lipton said in a statement that the expanded NOVA Innovene joint venture would provide opportunities to significantly cut costs and participate in the industry’s consolidation.
($1 = €0.75)
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