BP and NOVA Chemicals Sign Binding Agreements
for European Styrenics Joint Venture
Thursday May 19, 4:30 am ET
New Venture Names Two Senior Officers
PITTSBURGH--(BUSINESS WIRE)--May 19, 2005--BP and NOVA Chemicals Corporation today announced they have signed binding agreements to merge their European styrenic polymers businesses into a 50:50 Joint Venture. As previously announced in November 2004, the transaction to form the Joint Venture will be cashless.
The Joint Venture will be named NOVA Innovene, after its shareholders NOVA Chemicals and Innovene, BP's newly formed olefins and derivatives business.
Also today, Innovene and NOVA Chemicals announced the nomination of two senior managers to lead the Joint Venture.
Martin Pugh, currently Vice President and Managing Director for NOVA Chemicals in Europe, will serve as Managing Director of NOVA Innovene. Chris de la Camp, currently the Controller of the Innovene Styrenics business, will be Finance Director of the new Joint Venture.
NOVA Innovene plans to deliver market-leading styrenic polymers to its customers and to become the most cost-effective producer in the European market. Innovene and NOVA Chemicals expect to commence operations of the Joint Venture, following regulatory and other approvals, in the third quarter of 2005.
NOVA Chemicals produces commodity plastics and chemicals that are essential to everyday life. Our employees develop and manufacture materials for customers worldwide who produce consumer, industrial and packaging products. NOVA Chemicals works with a commitment to Responsible Care® to ensure effective health, safety, security and environmental stewardship. Company shares are traded on the Toronto and New York stock exchanges as NCX. Visit NOVA Chemicals on the Internet at www.novachemicals.com .
BP separated its $15bn turnover olefins and derivatives business - now called Innovene - with effect from 1 April 2005 ready for a possible IPO in second half of 2005, subject to market conditions and receipt of all necessary approvals. The NOVA Innovene joint venture will form an important part of the new company.
NOVA Chemicals Corporation
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