INEOS NOVA joint venture receives FTC approval

Calgary, Alta.-based Nova Chemicals Corporation has announced that the U.S. Federal Trade Commission (FTC) has approved the INEOS NOVA joint venture.

In March 2007, Nova Chemicals announced plans to expand its existing European styrenics joint venture with Lyndhurst, UK-based Ineos Group to include North American styrene and polystyrene assets.

The joint venture will be headquartered in Joliet, Ill., the companies noted in a June press release. Nova Chemicals also said that the preliminary target for new synergies for INEOS NOVA had been raised to US$50 million.

The venture is expected to commence operations on October 1. Nova president and CEO Jeffrey Lipton will host a conference call later this week to discuss expectations for the joint venture and the outlook for the styrenics industry.