Nova and INEOS provide more details on JV

Calgary, Alta.-based Nova Chemicals Corporation and INEOS have announced new details about their North American joint venture. The two companies announced in March that they would extend their existing European joint venture to include North American styrene and polystyrene assets.

The proposed joint venture will be known as INEOS NOVA, and the transaction to form the venture is expected to close in the third quarter of 2007. Nova initially announced a preliminary target of US$40 million for new synergies for the joint venture, but the target has been raised to US$50 million.

The headquarters for the proposed joint venture will be in Joliet, Ill., which is also the site of the joint ventures largest polymer plant.