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NOVA to sell North American styrenics unit to PFB

May 11/2012

(hydrocarbonprocessing) -- PFB Corp. has agreed to acquire performance styrenics business of Canadas NOVA Chemicals, including the expandable polystyrene (EPS) and ARCEL resin products. PFB says the acquisition will underpin a vertically-integrated, construction-materials focused product offering in the US.

PFB Corp. has agreed to acquire performance styrenics business of Canadas NOVA Chemicals, including the expandable polystyrene (EPS) and ARCEL resin products, the companies said late Wednesday.

NOVA says it will acquire an equity stake in PFB and hold two seats on PFBs Board of Directors following closing. Financial terms were not disclosed.

NOVA Chemicals and PFB said they expect definitive agreements to be executed during the second quarter, and closing to occur during the second half of 2012.

The acquisition is subject to the definitive agreement being entered into, regulatory approval, and other customary conditions, including the NOVA board of directors approval, and PFBs board and shareholder approval.


mrcplast.com
Author:Anna Larionova
Tags:PS, EPS, ethylene.
Category:General News
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