Canada's NOVA to close sale of styrenics business to PFB in 2013

01 November 2012 16:59  [Source: ICIS news]

HOUSTON (ICIS)--NOVA Chemicals expects to close a deal to sell its performance styrenics business to PFB in early 2013, the CEO of the Canada-based petrochemicals major said on Thursday.

The comments were made by CEO Randy Woelfel during a third-quarter earnings conference call.

In May 2012, the company announced that it had signed a letter of intent with PFB for the sale, which includes NOVA's expandable polystyrene (EPS) and ARCEL resins products.

Definitive agreements were originally expected to be signed during the third quarter of 2012, but those were delayed and are expected to be executed during the fourth quarter, putting closing on track for early 2013, the company said. 

"We continue to believe that this transaction not only puts our performance styrenics business, but also PFB in the best position for continued success," Woelfel said.

After the closing NOVA will acquire an equity stake in PFB and hold two seats on PFB's board of directors.

By: Michelle Klump
+1 713 525 2653

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