NOVA, INEOS name leadership for expanded JV

24 April 2007 13:44  [Source: ICIS news]

LONDON (ICIS news)--NOVA Chemicals and INEOS have nominated three senior officers for the companies’ proposed expanded styrenics joint venture, NOVA said in a statement on Tuesday.

 

The two petrochemical firms last month signed a letter of intent to expand their existing European venture, NOVA Innovene, into North America to include NOVA’s Styrenix unit and other polymer assets.

 

Kevin McQuade has been put forward as chief executive officer of the expansion. McQuade is currently CEO of INEOS Styrenics.

 

Martin Pugh, who is managing director of NOVA Innovene, is set to continue this role in Europe.

 

Current finance director of NOVA Innovene, Chris de la Camp, has been named as chief financial officer for the expanded joint venture.

 

INEOS has agreed to contribute its North American styrene and polystyrene assets to the expanded business, which would have annual sales of about $3.5bn (€2.6bn).

 

“The proposed, expanded joint venture is expected to build on the success of NOVA Innovene to become a market leader in North America and Europe,” said NOVA in a statement. “The preliminary target for new synergies for the joint venture is $40m.”

 

The transaction for the newly formed business was expected to close in the third quarter of 2007.

 

($1 = €0.74)

By: Mark Watts
+44 20 8652 3214

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