NOVA Chemicals puts the brakes on layoff plans

02 March 2009 19:23  [Source: ICIS news]

HOUSTON (ICIS news)--NOVA Chemicals will reconsider plans to lay off 400 workers, or 15% of its work force, after receiving a friendly buyout bid from Abu Dhabai-based International Petroleum Investment Co (IPIC), a company official said on Monday.

“We announced a restructuring back in the fall, and we’re adjusting that plan now because of the announced arrangement with IPIC,” said company spokesman Greg Wilkinson.

The adjusted layoff numbers or affected businesses has not been determined, Wilkinson said.

Labour union officials had expressed concern that the IPIC deal, which still awaits regulatory approval, would not benefit Canadian facilities and workers.

NOVA Chemicals’ products include polyethylene (PE) and expandable polystyrene (EPS).

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By: David Barry
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