Business
NOVA Chemicals Provides Update on Cost Reduction Actions
NOVA Chemicals Provides Update on Cost Reduction Actions.
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"\n\n\n\nPITTSBURGH, May 31 /CNW/ - NOVA Chemicals Corporation (NYSE:NCX)(TSX:NCX)\ntoday defined the impact of actions the company is taking to further improve\nits business performance. Approximately 90 NOVA Chemicals positions in the\nU.S. and Europe will be eliminated during 2007 as part of ongoing fixed-cost\nreductions.\n\n\nThe actions will result in cost savings of U.S. $12 million per year. The\ncompany expects to take an after-tax charge of approximately $6 million in the\nsecond quarter of 2007 related to these actions.\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\nVisit NOVA Chemicals on the Internet at www.novachemicals.com.\n\n\nForward-Looking Information\n\n\nThe information in this news release contains forward-looking statements,\nincluding statements regarding: NOVA Chemicals' elimination of approximately\n90 positions in the U.S. and Europe during 2007 as part of ongoing fixed-cost\nreductions, resulting in cost savings of U.S. $12 million per year, and NOVA\nChemicals' expectation that it will take an after-tax charge of approximately\n$6 million in the second quarter of 2007. By their nature, forward-looking\nstatements require NOVA Chemicals to make assumptions and are subject to\ninherent risks and uncertainties. There is significant risk that predictions,\nforecasts, conclusions and projections will not prove to be accurate, that\nNOVA Chemicals' assumptions may not be correct and that actual results may\ndiffer materially from such predictions, forecasts, conclusions or\nprojections. Some of the risks that could affect NOVA Chemicals' future\nresults and could cause results to differ materially from those expressed in\nthe forward-looking statements include: uncertainties regarding commodity\nchemicals price levels (which depend, among other things, on supply and demand\nfor these products, capacity utilization and substitution rates between these\nproducts and competing products); feedstock availability and pric...