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Nova Chemicals Forms Mexico Joint Venture
Wednesday September 14, 12:44 pm ET

Nova Chemicals Forms Expandable Polystyrene Joint Venture With Mexico's Grupo Indesa

PITTSBURGH (AP) -- Nova Chemicals Corp., a maker of commodity plastics and chemicals, said Wednesday it agreed to form a 50/50 joint venture with Mexico's Grupo Indesa in a cashless transaction.

The joint venture, known as Novidesa SA de CV, will begin operations on Oct. 1. Jose Luis Uriegas, currently chief executive officer of Grupo Idesa, will serve as president of the joint venture.

"We are excited about the excellent prospects of this new joint venture," said Uriegas. "Novidesa plans to be an industry leader in high-value expandable polystyrene for construction and packaging applications. In addition, we look forward to distributing Nova Chemicals' solid polystyrene in Mexico."

The companies said Novidesa's expandable polystyrene production will come from Grupo Idesa's Apizaco facility in the state of Tlaxcala. To meet expected growth in the construction market, the joint venture will convert its solid polystyrene production at the Apizaco facility to higher value EPS production.

Privately held Grupo Idesa is one of the five largest petrochemical companies located in Mexico.

Source: Associated Press

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