Nova Chemicals Drops Styrenics Sale | Chemical & Engineering News
Volume 90 Issue 48 | p. 18 | Concentrates
Issue Date: November 26, 2012

Nova Chemicals Drops Styrenics Sale

Department: Business
Keywords: plastics, styrenics, mergers and acquisitions, M&A

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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