Borealis to acquire Nova’s ownership 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.
An aerial view of the Baystar facility.
Photo Credit: Borealis/Nova Chemicals
Chemical maker Borealis AG is buying Nova Chemicals’ 50 per cent ownership in the Novealis Holdings LLC joint venture project.
The financial terms of the deal have not been announced.
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.
In a Jan. 9 statement, the companies said the transaction is expected to close in the first half of 2020.
Borealis is headquartered in Vienna, Austria. Nova is based out of Calgary.
