INEOS NOVA
INEOS NOVA is a 50:50 joint venture between NOVA Chemicals and INEOS that manufactures and sells styrene, solid polystyrene (SPS) and EPS.
Until September 30, 2007, NOVA Chemicals operated a commodity styrenics business unit known as STYRENIX, which manufactured and sold styrene and SPS in North America. It also manufactured and sold SPS and EPS in Europe through NOVA Innovene, its 50:50 joint venture with INEOS.
On October 1, 2007, NOVA Chemicals and INEOS expanded their European joint venture to include the North American styrene and SPS businesses of both companies. NOVA Chemicals no longer reports the results of its STYRENIX business unit but rather its interest in INEOS NOVA.
NOVA was long headquartered in Calgary, Alberta, until then-CEO Jeffrey Lipton moved the executive offices to Pittsburgh, PA, in the late 1990s. While this was order to be closer to US customers, the benefits of the move never materialized, and it was seen as a snub to province of Alberta, as Premier Ed Stelmach refused to grant NOVA a bailout in 2009. Due to the financial meltdown and recession in 2007-09, as well as NOVA's heavy debtload, which was not paid off during strong economic times, the company lapsed close to bankruptcy until it was sold to International Petroleum Investment Company.
Read more about this topic: Nova Chemicals
Famous quotes containing the word nova:
“I’m a Nova Scotia bluenose. Since I was a baby, I’ve been watching men look at ships. It’s easy to tell the ones they like. You’re only waiting to get her into deep water, aren’t you—because she’s yours.”
—John Rhodes Sturdy, Canadian screenwriter. Richard Rossen. Joyce Cartwright (Ella Raines)