IPIC completes acquisition of Nova Chemicals

International Petroleum Investment Company (IPIC) has completed its acquisition of Nova Chemicals.

Nova Chemicals, headquartered in Calgary, Alta., will continue to operate its chemicals and plastics business from its North American base.

“We are very pleased to complete this transaction and we are excited about the future opportunities for Nova Chemicals to grow in Alberta and elsewhere,” said Chris Pappas, president and CEO of Nova. “Our team is focused on leveraging renewed financial strength to take our industry-leading technology from our operating base in Canada to the world.”

“We believe that Nova Chemicals is a perfect fit within our long-term petrochemical growth strategy, and this combination is a key component in achieving IPIC’s goal of becoming a global industry leader,” said managing director and board member, IPIC, H.E. Khadem Al Qubaisi. “Nova Chemicals will complement IPIC’s existing petrochemical portfolio by providing access to North American markets and distribution channels, world-class technology, and a wider range of products.”

De-listing of the common shares from the Toronto Stock Exchange and the New York Stock Exchange is expected to occur shortly.