Borealis acquires full ownership of Nova Chemicals’ interest in Novealis joint venture
Canadian Plastics
MaterialsFormed in 2018, the JV involved affiliates of Borealis and Nova, which subsequently formed a 50/50 JV with an affiliate of Total S.A. to launch Bayport Polymers LLC in Houston, Tex.
Borealis AG has completed the acquisition of Nova Chemicals Corp.’s 50 per cent ownership interest in the Novealis Holdings LLC joint venture.
Formed in 2018, the Novealis JV involved affiliates of Borealis and Nova, which subsequently formed a 50/50 JV with an affiliate of Total S.A. to launch Bayport Polymers LLC (“Baystar”) in Houston, Tex.
“This acquisition supports our global growth ambitions,” Alfred Stern, Borealis’ CEO, said in an April 15 statement. “Acquiring Nova Chemicals’ share in Novealis will allow us to further increase our footprint in North America, enabling us to better serve our customers in this region with our value-add Borstar technology and its related products.”
The companies first announced Borealis’ intention to buy Nova’s ownership in January 2020.
Borealis is headquartered in Vienna, Austria. Nova is based out of Calgary.
