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Business
Nova Innovene Cuts Capacity
October 17, 2005
| A version of this story appeared in
Volume 83, Issue 42
Nova Innovene, the European styrenics joint venture launched earlier this month, is wasting no time closing capacity as part of its $40 million cost-cutting program. The company is shuttering a 75,000-metric-ton-per-year expandable polystyrene plant in Carrington, U.K., and a 65,000-metric-ton EPS plant in Berre, France. The cuts represent 30% of the venture's and 10% of Europe's EPS capacity. The Carrington unit had been idle since 2002 (C&EN, Sept. 12, page 19). Nova is taking a third-quarter asset write-down of $75 million because of the closures.
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