22 March 2007 17:16 [Source: ICIS news]
TORONTO (ICIS news)--Canada’s NOVA Chemicals expects more than $40m (€30m) in new synergies and cost cuts from the planned extension of its European NOVA Innovene joint venture to North America, chief financial officer Larry MacDonald said on Thursday.
“At the preliminary stage we anticipate over $40m in new synergies associated with this North American expanded joint venture,” MacDonald told an investor conference in ?xml:namespace>
The expanded entity would be a major global styrenics player, building on the success of INEOS and NOVA in Europe, he said.
It would also look for further consolidation and expansion opportunities in the industry, MacDonald added.
MacDonald, responding to analysts’ questions, said NOVA did not expect any cash to be changed between it and INEOS as part of extending the joint venture to
“There was no cash changed in the European joint venture, there is none contemplated here,” he said.
($1 = €0.75)
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