Issue Date: September 17, 2007
Borealis Forms Research Firm
Polyolefins maker Borealis has formed Norner Innovation, a research consultancy operating out of Borealis' former R&D center in Bamble, Norway. Borealis says it is phasing out operations in Norway and focusing instead on Austria and United Arab Emirates, the respective homes of its two parent companies, OMV and International Petroleum Investment. With annual revenues of about $18 million, Norner will employ 80 scientists and engineers who will design new polymers and develop plastics applications for Borealis and other clients. Borealis intends to gradually transfer Norner to new owners.
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