Business
NOVA Chemicals Provides Update on Restructuring Progress
NOVA Chemicals Provides Update on Restructuring Progress.
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"\n\n\n\n\nPITTSBURGH, August 23 /CNW/ - NOVA Chemicals Corporation\n(NYSE:NCX)(TSX:NCX) today provided an update regarding progress toward the\nrestructuring goals announced in a news release on June 26, 2006. The company\nwill reach a cost-reduction rate of $45 million per year by the end of the\nthird quarter of 2006 and remains on-track to meet its restructuring\ncost-reduction target of at least $65 million per year by the end of the\nfourth quarter of 2006.\nNOVA Chemicals will take an after-tax charge of approximately $30 million\nin the third quarter of 2006 to reflect restructuring costs. To date, 20 of a\ntotal of 64 senior management positions have been eliminated in the\nrestructuring. As previously announced, a total of approximately 375 positions\nwill be eliminated to support cost-reduction objectives.\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. We work\nwith a commitment to Responsible Care(R) to ensure effective health, safety,\nsecurity and environmental stewardship. Company shares are traded on the\nToronto and New York stock exchanges as NCX.\n\nVisit NOVA Chemicals on the Internet at www.novachemicals.com.\n\nForward-looking Information\n\nThe information in this news release contains forward-looking statements,\nincluding the statements that the company will reach a cost-reduction rate of\n$45 million per year by the end of the third quarter of 2006; the company\nremains on-track to meet its restructuring cost-reduction target of at least\n$65 million per year by the end of the fourth quarter of 2006; and the company\nwill take an after-tax charge of approximately $30 million in the third\nquarter of 2006 to reflect restructuring costs. By their nature,\nforward-looking statements require NOVA Chemicals to make assumptions and are\nsubject to inherent risks and uncertainties. There is significant risk that\npredictions, forecasts, conclusions and projections will not prove to be\naccurate, that NOVA Chemicals' assumptions may not be correct and that actual\nresults may differ materially from such predictions, forecasts, conclusions or\nprojections. Some of the risks that could affect NOVA Chemicals' future\nresults and could cause results...