Business
NOVA Chemicals and INEOS Name Senior Officers for Expanded Joint Venture
NOVA Chemicals and INEOS Name Senior Officers for Expanded Joint Venture.
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"\n\n\n\nPITTSBURGH & LYNDHURST, ENGLAND, April 24 /CNW/ - NOVA Chemicals\nCorporation (NYSE, TSX: NCX) and INEOS today announced the nomination of three\nsenior officers for the companies' proposed, expanded joint venture. As\npreviously announced in March 2007, NOVA Chemicals and INEOS have signed a\nletter of intent to expand the companies' existing joint venture in Europe,\nNOVA Innovene, to include North American styrene and polystyrene assets.\n\n\nThe expanded joint venture is expected to have initial revenues of\napproximately U.S. $3.5 billion per year. The following senior officers have\nbeen named to lead the organization:\n\n\n-- Kevin McQuade - Chief Executive Officer. Currently, Mr. McQuade is\nChief Executive Officer of INEOS Styrenics.\n\n\n-- Martin Pugh - Managing Director, Europe. Mr. Pugh is Managing\nDirector of NOVA Innovene.\n\n\n-- Chris de la Camp - Chief Financial Officer. Mr. de la Camp is\ncurrently Finance Director of NOVA Innovene.\n\n\nThe other two members of this leadership team, the Vice President,\nPurchasing & Supply Chain and the Vice President of Operations, will be named\nin the coming weeks.\n\n\nThe proposed, expanded joint venture is expected to build on the success\nof NOVA Innovene to become a market leader in North America and Europe. The\npreliminary target for new synergies for the joint venture is U.S. $40\nmillion. In addition, the joint venture is expected to participate in\nnecessary industry consolidation. The transaction to form the expanded joint\nventure is expected to close by the third quarter of 2007, subject to\napprovals and completion of definitive agreements. Once the transaction has\nclosed, the new leadership team will determine the actions required to meet\nthe initial objectives of the joint venture.\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\nINEOS is a rapidly growing manufacturer of petrochemicals, specialty and\nintermediate chemicals and polymers. It comprise...