NOVA Chemicals Expects Strengthening Performance in 2007
Thursday April 12, 1:30 pm ET
CALGARY, Alberta--(BUSINESS WIRE)--NOVA Chemicals' President and Chief Executive Officer, Jeffrey M. Lipton, today described rapid improvement in NOVA Chemicals' business in 2007 after reporting year-end results for 2006. Speaking at the company's annual shareholder meeting, Lipton discussed the company's restructuring during the past year and its positive business outlook.
"Results in March of this year improved dramatically after we worked through inventory-related softness in January and February, and we expect the second quarter to be just as strong," said Lipton. "With growing demand and continuing delays in new capacity additions, we believe ethylene and polyethylene market conditions can remain strong through 2011."
In other agenda items at the annual meeting, the shareholders:
- elected the following directors, all of whom were previously serving as directors, for a one-year term: Jerald A. Blumberg, F. Peter Boer, Jacques Bougie, Joanne V. Creighton, Robert E. Dineen, Jr., L. Yves Fortier, Kerry L. Hawkins, Jeffrey M. Lipton, Arnold M. Ludwick, Christopher D. Pappas, and James M. Stanford.
- approved the reappointment of Ernst & Young LLP as auditors of the company.
- approved amendments to the company's stock option plan.
NOVA Chemicals produces plastics and chemicals that are essential to everyday life. Our employees develop and manufacture materials for customers worldwide that produce consumer, industrial and packaging products. We work 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.
Source: Nova Chemicals Corporation
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