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Business

Nova Chemicals Sells Styrenics Unit

by Alexander H. Tullo
May 14, 2012 | A version of this story appeared in Volume 90, Issue 20
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Nova Chemicals is selling its performance styrenic resins business to PFB Corp., a maker of insulated building products. The business makes expandable polystyrene as well as its Arcel polystyrene/polyethylene resins used in packaging foam. The unit generated $7 million in operating profits in 2011 on $327 million in sales. Financial terms of the deal haven’t been disclosed. However, Nova will acquire a stake in PFB and will hold two seats on its board of directors.

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