Nova forms Styrenix unit

Nova Chemicals is forming a new business called Styrenix for its sometimes troubled styrene and solid polystyrene operations. The business will manage Nova's North American styrene and solid polystyrene plants and the firm's 50% interest in a European polystyrene venture with Ineos. These businesses had sales of $1.7 billion in 2005. As part of the restructuring, Nova says it will cut 375 jobs and $65 million in costs. Some 125 of the jobs and $15 million in costs are from the previously announced closure of its Chesapeake, Va., polystyrene plant. The rest will come from cutting support services, largely in the Pittsburgh area. The company says the restructuring isn't necessarily a prelude to a separation of Styrenix, but it is considering its strategic options for the unit.