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NOVA to sell its share of styrenics JV to INEOS

November 15/2010

(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.


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