NOVA Chemicals and INEOS name senior officers for expanded joint venture
Pittsburgh, PA and Lyndhurst, UK - NOVA Chemicals Corporation (NYSE, TSX: NCX) and INEOS today announced the nomination of three senior officers for the companies’ proposed, expanded joint venture. As previously announced in March 2007, NOVA Chemicals and INEOS have signed a letter of intent to expand the companies’ existing joint venture in Europe, NOVA Innovene, to include North American styrene and polystyrene assets.
The expanded joint venture is expected to have initial revenues of approximately U.S. $3.5 billion per year. The following senior officers have been named to lead the organization:
-Kevin McQuade – Chief Executive Officer. Currently, Mr. McQuade is Chief Executive Officer of INEOS Styrenics.
-Martin Pugh – Managing Director, Europe. Mr. Pugh is Managing Director of NOVA Innovene.
-Chris de la Camp – Chief Financial Officer. Mr. de la Camp is currently Finance Director of NOVA Innovene.
The other two members of this leadership team, the Vice President, Purchasing & Supply Chain and the Vice President of Operations, will be named in the coming weeks.
The proposed, expanded joint venture is expected to build on the success of NOVA Innovene to become a market leader in North America and Europe. The preliminary target for new synergies for the joint venture is U.S. $40 million. In addition, the joint venture is expected to participate in necessary industry consolidation. The transaction to form the expanded joint venture is expected to close by the third quarter of 2007, subject to approvals and completion of definitive agreements. Once the transaction has closed, the new leadership team will determine the actions required to meet the initial objectives of the joint venture.
NOVA Chemicals produces plastics and chemicals that are essential to everyday life. Our employees develop and manufacture materials for customers worldwide that produce consumer, industrial and packaging products. NOVA Chemicals works with a commitment to Responsible Care® to ensure effective health, safety, security and environmental stewardship. Company shares are traded on the Toronto and New York stock exchanges as NCX.
INEOS is a rapidly growing manufacturer of petrochemicals, specialty and intermediate chemicals and polymers. It comprises 18 businesses each with a blue chip, chemical company vintage, and its production network includes 68 manufacturing facilities in 17 countries throughout the world. In 2006, INEOS had approximately 15,200 employees and sales of more than $33 billion.
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