Nova cancels sale of styrenics business to PFB

Nova Chemicals Corporation has called off a deal to sell its styrenics business to a Canadian building-products maker.

Calgary, Alta.-based Nova had announced in May that it would sell the business to PFB Corporation – which is also based in Calgary – for an undisclosed price.

“It had become apparent to both Nova Chemicals and PFB that PFB would be unable to complete certain steps necessary to consummate” the deal, Nova said in a statement. “We are disappointed that this transaction with PFB was not successful, but will move forward, focusing on performance and continuous improvement for the Performance Styrenics business.”