Nova sells styrenics business to building products maker PFB Corp.
Canadian Plastics
Construction Construction Materials Outdoor Industry/Markets Reinforced Plastics/CompositesThe performance styrenics business of Nova Chemicals Corporation is being purchased by building products maker PFB Corporation.
The performance styrenics business of Nova Chemicals Corporation is being purchased by building products maker PFB Corporation.
The terms of the deal, which includes Nova’s expandable polystyrene (EPS) resins and Arcel resin products, have not been disclosed.
The deal is designed to give PFB, which operates in Canada as Plasti-Fab, a broader market for its insulating building products, including those made from EPS. “With the world now focusing on sustainable building products, it is the time for our industry to provide vertically-integrated EPS product solutions that provide environmentally friendly alternatives to the construction industry,” said Bruce Carruthers, chief operating officer of Plast-Fab, in a statement.
Both Nova and Plasti-Fab are headquartered in Calgary.
As part of the deal, Nova will acquire an equity stake in PFB and will hold two seats on PFB’s board of directors. Robert Snyder, the vice president of Nova’s performance styrenics’division, will become PFB’s chief operating officer.
The deal is expected to close during the second half of 2012.
