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NOVA Chemicals Announces Inadvertent Production Stoppage at Ontario Ethylene Facility
NOVA Chemicals Announces Inadvertent Production Stoppage at Ontario Ethylene Facility.
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"\n\n\n\n\nPITTSBURGH, June 21 /CNW/ - NOVA Chemicals Corporation (NYSE:NCX)\n(TSX:NCX) today announced a temporary production interruption at its Corunna,\nOntario, manufacturing facility. The interruption was the result of the\ninadvertent activation of a process shutdown switch, apparently caused by a\ncontractor employee installing structural steel platforms. The facility\nsustained only minor damage during the shutdown and the company expects to be\nback in full production within two weeks.\nAs a result of the shutdown, the company has declared Force Majeure on\npropylene, crude C4's and other pipeline-delivered co-products. The Force\nMajeure is expected to remain in place until the plant returns to normal\noperating rates and inventory levels. The outage and associated loss of sales\nis expected to reduce second-quarter net income by approximately U.S. $8\nmillion with an additional third-quarter impact of up to U.S. $3 million. This\nincident is unrelated to the extended outage in late 2005 and early 2006.\nNOVA Chemicals produces commodity plastics and chemicals that are\nessential to everyday life. Our employees develop and manufacture materials\nfor customers worldwide that produce consumer, industrial and packaging\nproducts. NOVA Chemicals works with a commitment to Responsible Care(R) to\nensure effective health, safety, security and environmental stewardship.\nCompany shares are traded on the Toronto and New York stock exchanges as NCX.\n\nForward-Looking Information\n\nThe information in this news release contains forward-looking statements,\nincluding the statements that NOVA Chemicals expects its Corunna, Ontario\nmanufacturing facility to be back in full production within two weeks and that\nthe loss of sales is expected to reduce second quarter net income by\napproximately U.S. $8 million with an additional third-quarter impact of up to\nU.S. $3 million. By their nature, forward-looking statements require NOVA\nChemicals to make assumptions and are subject to inherent risks and\nuncertainties. There is significant risk that predictions, forecasts,\nconclusions and projections will not prove to be accurate, that NOVA\nChemicals' assumptions may not be correct and that actual results may differ\nmaterially from such predictions, forecasts, conclusions or projections. Some\nof the risks that could affect NOVA Che...