NOVA Chemicals and INEOS Provide Update on Proposed Expanded Joint Venture
Wednesday June 6, 8:00 am ET
PITTSBURGH & LYNDHURST, U.K.--(BUSINESS WIRE)--NOVA Chemicals Corporation and INEOS today named the remaining positions on the senior leadership team and announced the headquarters location for the companies' proposed expanded joint venture. As previously announced in March 2007, NOVA Chemicals and INEOS have signed a letter of intent to expand the companies' existing joint venture in Europe to include North American styrene and polystyrene assets. The proposed expanded joint venture will be known as INEOS NOVA.
The following senior officers have been named:
- Tom Strifler - Vice President, Operations & Engineering. Currently, Mr. Strifler is NOVA Chemicals' Vice President of Engineering.
- John Morgan - Vice President, Purchasing & Logistics. Mr. Morgan is currently NOVA Chemicals' Vice President, Corporate Development.
These officers will be part of the senior leadership team of INEOS NOVA along with previously nominated members: Kevin McQuade, Chief Executive Officer; Martin Pugh, Managing Director for Europe, and Chris de la Camp, Chief Financial Officer. The headquarters for the proposed expanded joint venture will be in Joliet, Illinois, which is also the location of the proposed joint venture's largest polymer plant.
The preliminary target for new synergies for INEOS NOVA has been raised to U.S. $50 million. The transaction to form the expanded joint venture is expected to close in the third quarter of 2007, subject to approvals and completion of definitive agreements.
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. 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.
INEOS is a rapidly growing manufacturer of petrochemicals, specialty and intermediate chemicals and polymers. It comprises 18 businesses each with a blue chip, chemical company vintage, and its production network includes 68 manufacturing facilities in 17 countries throughout the world. In 2006, INEOS had approximately 15,000 employees and sales of more than $36 billion.
Source: NOVA Chemicals Corporation
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