INEOS NOVA raises N America JV synergy target

06 June 2007 14:34  [Source: ICIS news]

TORONTO (ICIS news)--NOVA Chemicals said on Wednesday that targeted synergies from its proposed North America styrenics joint venture with INEOS have been raised by $10.0m (€7.4m) to $50.0m.


NOVA and INEOS announced in March plans to expand their existing European styrenics joint venture to include North American styrenics and polystyrene operations, with a target of $40m in new synergies and cost cuts.


The expanded joint venture would be known as INEOS NOVA, to be based in Joliet, Illinois, site of the venture’s largest polymer plant, NOVA said on Wednesday.


NOVA also announced two additional appointments at INEOS NOVA.


Tom Strifler was named vice president, operations and engineering, and John Morgan was named vice president, purchasing and logistics.


Strifler is currently NOVA’s vice president of engineering and Morgan is NOVA’s vice president, corporate development.


The joint venture partners had earlier named Kevin McQuade as chief executive of INEOS NOVA.


The transaction is expected to close in the third quarter.


($1 = €0.74)

By: Stefan Baumgarten
+1 713 525 2653

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