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Business
Nova Details Layoffs And Venture Savings
June 11, 2007
| A version of this story appeared in
Volume 85, Issue 24
Nova Chemicals is eliminating 90 positions in the U.S. and Europe as part of a cost-reduction effort. The company says the reduction will save it $12 million annually. It will take a second-quarter charge of $6 million related to the layoffs. Separately, Nova and Ineos have named Joliet, Ill., as the headquarters of their proposed North American polystyrene joint venture. The companies have also increased their estimate of the initial savings stemming from the venture by 25% to $50 million.
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