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 ?xml:namespace>
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)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections