10 October 2007 15:50 [Source: ICIS news]
HOUSTON (ICIS news)--US styrenics joint venture INEOS NOVA plans to shut down its 120m lb (54,000 tonne)/year polystyrene (PS) plant in Montreal, Canada by the end of the year, the company said on Wednesday.
The shutdown will remove high-cost capacity and allow the joint venture to consolidate production at its most efficient plants, according to a statement by Kevin McQuade, chief executive of INEOS NOVA.
The shutdown will remove 6% of INEOS NOVA's PS capacity in North America, the company added.
The closing is part of the venture's strategy of achieving $50m (€36m) in annual North American synergies.
($1.00 = €0.71)
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