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(ICIS) -- NOVA Chemicals plans to
sell its share of joint venture INEOS NOVA to INEOS in the first quarter of 2011, the Canadian
producer said on Friday. “On October 31, 2010, we and INEOS entered into an
agreement providing for the acquisition by INEOS of 100% of our equity interest
in the INEOS NOVA joint venture,” NOVA said in its third-quarter earnings
announcement.
“We expect the transaction to close in the first quarter of 2011, subject
to receipt of regulatory approvals, required consents and other customary
closing conditions.” NOVA though did not disclose a sales price for its part of
the styrene and styrene polymers producer.
The joint venture was created in 2005 and was expanded in 2007 to include
North American polystyrene (PS), performance products and styrene
monomer.
INEOS NOVA produced $2.1bn (?1.5bn) in revenue in 2009 and has 1,170
employees, according to its website. It has 11 plants in six countries.
mrcplast.com
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