Nova Chemicals to sell styrenics business

qiangzi

Tuesday, May 15, 2012
$ R  X0 G5 M; q: e  o/ K' q1 ?
Calgary, Alberta - Nova Chemicals and PFB announced that they have signed a letter of intent for PFB, through its subsidiary PFB International, to acquire Nova Chemicals’ Performance Styrenics business, including the expandable polystyrene (“EPS”) and Arcel resin products. Nova Chemicals will acquire an equity stake in PFB and hold two seats on PFB’s board of directors following closing. In addition, at closing, Robert Snyder, vice president, Performance Styrenics for Nova Chemicals will join PFB as chief operating officer, PFB International. Nova Chemicals and PFB expect definitive agreements to be executed during the second quarter, and closing to occur during the second half of 2012. The acquisition is subject to the definitive agreement being entered into, regulatory approval, and other customary conditions, including Nova Chemicals’ board of directors’ approval, and PFB’s board of director’s and shareholder approval.