Business
INEOS NOVA Joint Venture Will Acquire Rights to Sterling Styrene Production
INEOS NOVA Joint Venture Will Acquire Rights to Sterling Styrene Production.
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"\n\n\n\nPITTSBURGH, September 18 /CNW/ - NOVA Chemicals Corporation\n(NYSE:NCX)(TSX:NCX) today announced that it has secured exclusive rights to\nthe styrene production from Sterling Chemicals Inc.'s Texas City, Texas,\nmanufacturing facility on behalf of its pending joint venture with INEOS. The\nINEOS NOVA joint venture has received U.S. regulatory approval and will be\nassigned the rights when the joint venture is operational, which is expected\nto be October 1, 2007. The $60 million cost of the transaction will be fully\nfunded by the INEOS NOVA joint venture from cash on hand.\n\n\n"This agreement will allow our joint venture with INEOS to rapidly reduce\ncosts and optimize production," said Jeffrey M. Lipton, President and Chief\nExecutive Officer of NOVA Chemicals. "We believe this is a very significant\nstep that will accelerate a return to financial health for the styrenics\nchain."\n\n\nSterling's Texas City facility has 1.7 billion pounds of annual styrene\nproduction capacity, which represents approximately 11% of North American\ncapacity and 3% of global capacity.\n\n\nNOVA Chemicals produces plastics and chemicals that are essential to\neveryday life. Our employees develop and manufacture materials for customers\nworldwide that produce consumer, industrial and packaging products. NOVA\nChemicals works with a commitment to Responsible Care(R) to ensure effective\nhealth, safety, security and environmental stewardship. Company shares are\ntraded on the Toronto and New York stock exchanges as NCX.\n\n\nConference Call Information:\n\n\nNOVA Chemicals will hold a conference call tomorrow with President and\nChief Executive Officer Jeffrey M. Lipton for analysts, investors and the\nmedia.\n\n\nConference Call: Wednesday, September 19, 2007\n 10:00 a.m. EDT\nDial-In Number: (416) 406-6419\nLive Web Cast: Option 1 -- The webcast link will be available at\n www.novachemicals.com -- Investor Center -- IR\n Calendar -- INEOS NOVA JV Update\n or Option 2 - The webcast can be accessed live at\n Vcall's www.investorcalendar.com (ticker symbol\n NCX)\nAudio Replay: An audio replay will be available at (416) 695-5800\n (passcode (number sign)3234210) through Wednesday, September\n 26, 2007.\n\n\nForward-Looking Information\n\n\nThe information in this news release contains forward-looking statements,\nincludin...