Nova to take charge on polystyrene plant shutdown
Thu Nov 29, 2007 11:20am EST
TORONTO, Nov 29 (Reuters) - Nova Chemicals Corp said on Thursday it will take a $65 million charge in the fourth quarter related to the closure of a polystyrene facility in Belpre, Ohio.
The Ohio-based Ineos Nova plant is a joint venture between Nova Chemicals and Britain's Ineos group.
The shutdown, set for before Jan. 31, 2008, will remove 12 percent of Ineos Nova's North American polystyrene production capacity. The move is intended to remove "high-cost capacity," it said.
Shares of Nova Chemicals were up 16 Canadian cents at C$31.89 on the Toronto Stock Exchange after earlier falling 66 Canadian cents to C$31.07.
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