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Business
Nova polystyrene plant to close
January 23, 2006
| A version of this story appeared in
Volume 84, Issue 4
Nova Chemicals will close its Chesapeake, Va., polystyrene plant, which has annual capacity for 300 million lb of solid polystyrene and 170 million lb of compounded products. A technology center will close as well. The company says the move will reduce costs by some $15 million per year and require an after-tax charge of about $46 million. Separately, Nova says its Corunna, Ontario, ethylene cracker will be down for as long as another month. The company has been having problems restarting the plant since October, when it completed a modernization project.
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