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NOVA Chemicals and INEOS Provide Update on Proposed Expanded Joint Venture
NOVA Chemicals and INEOS Provide Update on Proposed Expanded Joint Venture.
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"\n\n\n\nPITTSBURGH & LYNDHURST, U.K., June 6 /CNW/ - NOVA Chemicals Corporation\n(NYSE:NCX)(TSX:NCX) and INEOS today named the remaining positions on the\nsenior leadership team and announced the headquarters location for the\ncompanies' proposed expanded joint venture. As previously announced in March\n2007, NOVA Chemicals and INEOS have signed a letter of intent to expand the\ncompanies' existing joint venture in Europe to include North American styrene\nand polystyrene assets. The proposed expanded joint venture will be known as\nINEOS NOVA.\n\n\nThe following senior officers have been named:\n\n\n-- Tom Strifler - Vice President, Operations & Engineering. Currently,\nMr. Strifler is NOVA Chemicals' Vice President of Engineering.\n\n\n-- John Morgan - Vice President, Purchasing & Logistics. Mr. Morgan is\ncurrently NOVA Chemicals' Vice President, Corporate Development.\n\n\nThese officers will be part of the senior leadership team of INEOS NOVA\nalong with previously nominated members: Kevin McQuade, Chief Executive\nOfficer; Martin Pugh, Managing Director for Europe, and Chris de la Camp,\nChief Financial Officer. The headquarters for the proposed expanded joint\nventure will be in Joliet, Illinois, which is also the location of the\nproposed joint venture's largest polymer plant.\n\n\nThe preliminary target for new synergies for INEOS NOVA has been raised\nto U.S. $50 million. The transaction to form the expanded joint venture is\nexpected to close in the third quarter of 2007, subject to approvals and\ncompletion of definitive agreements.\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 comprises 18 businesses each with a\nblue chip, chemical company vintage, and its production network includes 68\nmanufacturing facilities in 17 countries throughout the world. In 2006, INEOS\nhad approximately 15,000 employees ...