Ineos Nova to shut down Montreal polystyrene production
Ineos Nova -- the 50/50 styrenics joint venture between Calgary, Alta.-based Nova Chemicals Corporation and Ineos -...
Ineos Nova — the 50/50 styrenics joint venture between Calgary, Alta.-based Nova Chemicals Corporation and Ineos — has announced plans to shut down its Montreal, Que. polystyrene production site by the end of 2007.
The plant has an annual production capacity of 120 million pounds of polystyrene.
“Shutting down the Montreal site will remove high-cost capacity and enable us to consolidate production at our more efficient manufacturing sites,” said Ineos Nova CEO Kevin McQuade. “We are committed to providing our customers with an effective transition during the coming months.”
The Joliet, Ill.-based joint venture indicated that the shutdown was the first step towards achieving the estimated $50 million annual North American synergies target for the initiative.
The shutdown will remove approximately six per cent of Ineos Nova’s polystyrene production capacity in North America, the company said.