Nova Chemicals to sell its stake in Ineos Nova styrenics JV

Nova Chemicals has announced plans to sell its share of styrene production joint venture Ineos Nova to partner Ineos Group in the first quarter of 2011.

“On October 31, 2010, we and Ineos entered into an agreement providing for the acquisition by Ineos of 100 per cent of our equity interest in the Ineos Nova joint venture,” Calgary, Alta.-based Nova Chemicals said in its third-quarter earnings announcement. “We expect the transaction to close in the first quarter of 2011, subject to receipt of regulatory approvals, required consents and other customary closing conditions.”

The terms of the sale have not been disclosed.

Created in 2005, the JV was expanded two years later to include North American polystyrene, performance products and styrene monomer.

With 11 plants in six countries and roughly 1,170 employees, Ineos Nova produced US$2.1 billion in revenue in 2009.