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Business

Nova Chemicals Drops Styrenics Sale

by Alexander H. Tullo
November 26, 2012 | APPEARED IN VOLUME 90, ISSUE 48

Nova Chemicals and construction materials maker PFB have canceled PFB’s proposed acquisition of Nova’s specialty styrenic resins business, saying they were unable to consummate the deal. Under the agreement, signed in May, Nova would have swapped its styrenics unit for an equity stake in PFB. The Nova business makes expandable polystyrene and polystyrene-polyethylene resins used in packaging foam. It generated $327 million in sales last year. As recently as Nov. 1, Nova CEO Randy G. Woelfel was telling analysts he expected to complete the transaction by early next year.

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