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Business

Nova acts on polystyrene

July 31, 2006 | APPEARED IN VOLUME 84, ISSUE 31

Nova Chemicals and Dietrich Metal Framing have formed a joint venture to develop construction systems made from expandable polystyrene and steel. The companies say the systems will have advantages over conventional wood frame construction, including lower heating and cooling costs, improved strength in adverse weather conditions, and resistance to termites. Separately, Nova Innovene, a European styrenics joint venture between Nova and Ineos, is shutting down a 180,000-metric-ton-per-year solid polystyrene plant in Carrington, England. The venture had earlier closed an expandable-polystyrene plant at the site. Because of the closure, Nova will take an after-tax charge of $43 million in the third quarter.

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