Nova Chemicals to cut 90 jobs in U.S., Europe

In an attempt to further improve its business performance, Nova Chemicals Corporation will eliminate approximately 90 jobs in the U.S. and Europe. The Calgary, Alta.-based chemicals company noted that the move was part of “ongoing fixed-cost reductions.”

According to Nova, the job cuts will result in a cost savings of US$12 million per year. The company expects to take an after-tax charge of approximately US$6 million in the second quarter of 2007.