Nova Chemicals is headquartered in Calgary, Alberta, Canada, and is a wholly owned subsidiary of the International Petroleum Investment Company (IPIC) of the Emirate of Abu Dhabi, United Arab Emirates. It has revenues of $5.2bn in 2011 and around 2,450 employees.
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Nova Chemicals' roots stem back to the 1950s when it began life as The Alberta Gas Trunk Line Company.
In July 1998, Nova Chemicals was launched as an independent company.
On 6 July 2009, International Petroleum Investment Company (IPIC) completed the acquisition of Nova Chemicals.
On 28 February 2011, Nova Chemicals completed the sale of its 50% interest in the INEOS NOVA joint venture to INEOS.
Nova Chemicals is divided into two business units:
This business produces ethylene, polyethylene, chemical and energy co-products, including all the olefin and aromatic petrochemical building blocks.
In May 2012, Nova Chemicals stated that it intends to sell its Performance Styrenics business to PFB. The deal is expected to close in the second half of 2012. After closing, Nova will acquire an equity stake in PFB.
Performance Styrenics includes ARCEL advanced foam resin, expandable polystyrene (EPS) business and several downstream ventures that market EPS-based product and technology innovations around the world.
Nova's performance styrenics products include:
ARCEL advanced foam resin — used as a packaging material for damage-sensitive goods such as electronics, flat-panel televisions and furniture.
DYLARK resins — specified in automotive applications, such as soft instrument panels, structural consoles and roof-mounted LCD video supports.
DYLITE resin — designed for moulding disposable products such as drinking cups, takeout containers and ice cream containers.
Expandable polystyrene — from the traditional foam beverage cup to innovative end-use products.
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‘NOVA 2020’ is NOVA Chemicals long-term asset strategy to capitalise on emerging feedstock opportunities and growing North American demand. ICIS also provides you with key financial data listed in table form.
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