PITTSBURGH & LYNDHURST, ENGLAND, April 24 /CNW/ - NOVA Chemicals
Corporation (NYSE, TSX: NCX) and INEOS today announced the nomination of three
senior officers for the companies' proposed, expanded joint venture. As
previously announced in March 2007, NOVA Chemicals and INEOS have signed a
letter of intent to expand the companies' existing joint venture in Europe,
NOVA Innovene, to include North American styrene and polystyrene assets.
The expanded joint venture is expected to have initial revenues of
approximately U.S. $3.5 billion per year. The following senior officers have
been named to lead the organization:
-- Kevin McQuade - Chief Executive Officer. Currently, Mr. McQuade is
Chief Executive Officer of INEOS Styrenics.
-- Martin Pugh - Managing Director, Europe. Mr. Pugh is Managing
Director of NOVA Innovene.
-- Chris de la Camp - Chief Financial Officer. Mr. de la Camp is
currently Finance Director of NOVA Innovene.
The other two members of this leadership team, the Vice President,
Purchasing & Supply Chain and the Vice President of Operations, will be named
in the coming weeks.
The proposed, expanded joint venture is expected to build on the success
of NOVA Innovene to become a market leader in North America and Europe. The
preliminary target for new synergies for the joint venture is U.S. $40
million. In addition, the joint venture is expected to participate in
necessary industry consolidation. The transaction to form the expanded joint
venture is expected to close by the third quarter of 2007, subject to
approvals and completion of definitive agreements. Once the transaction has
closed, the new leadership team will determine the actions required to meet
the initial objectives of the joint venture.
NOVA Chemicals produces plastics and chemicals that are essential to
everyday life. Our employees develop and manufacture materials for customers
worldwide that produce consumer, industrial and packaging products. NOVA
Chemicals works with a commitment to Responsible Care(R) to ensure effective
health, safety, security and environmental stewardship. Company shares are
traded on the Toronto and New York stock exchanges as NCX.
INEOS is a rapidly growing manufacturer of petrochemicals, specialty and
intermediate chemicals and polymers. It comprises 18 businesses each with a
blue chip, chemical company vintage, and its production network includes 68
manufacturing facilities in 17 countries throughout the world. In 2006, INEOS
had approximately 15,200 employees and sales of more than $33 billion.
Photographs, maps and graphics are available upon request.
The information in this news release contains forward-looking statements,
including statements regarding: the expected initial revenues of approximately
U.S. $3.5 billion per year for the expanded joint venture; expectations that
the proposed expanded joint venture will build on the success of NOVA Innovene
to become a market leader in North America and Europe; the preliminary target
for new synergies for the joint venture; the expectation that the joint
venture will participate in necessary industry consolidation; and the expected
timing of the closing of the transaction to form the expanded joint venture.
By their nature, forward-looking statements require NOVA Chemicals to make
assumptions and are subject to inherent risks and uncertainties. There is
significant risk that predictions, forecasts, conclusions and projections will
not prove to be accurate, that NOVA Chemicals' assumptions may not be correct
and that actual results may differ materially from such predictions,
forecasts, conclusions or projections. Some of the risks that could affect
NOVA Chemicals' future results and could cause results to differ materially
from those expressed in the forward-looking statements include: uncertainties
regarding obtaining necessary approvals of the expanded joint venture;
uncertainties regarding commodity chemicals price levels (which depend, among
other things, on supply and demand for these products, capacity utilization
and substitution rates between these products and competing products);
feedstock availability and prices; operating costs; starting up and operating
facilities; the impact of competition; uncertainties associated with the North
American, South American, European, and Asian economies and other risks
detailed from time-to-time in the publicly filed disclosure documents and
securities commissions reports of NOVA Chemicals. NOVA Chemicals'
forward-looking statements are expressly qualified in their entirety by this
cautionary statement. In addition, the forward-looking statements are made
only as of the date of this news release, and except as required by applicable
law, NOVA Chemicals undertakes no obligation to publicly update these
forward-looking statements to reflect new information, subsequent events or
Responsible Care(R) is a registered trademark of the Canadian Chemical
Producers Association (CCPA) in Canada and is a registered service mark of the
American Chemistry Council (ACC) in the United States.
For further information:
For further information: NOVA Chemicals Media inquiries, please contact:
Greg Wilkinson, 412-490-4166 Vice President, Public and Government Affairs
firstname.lastname@example.org or NOVA Chemicals Investor Relations inquiries, please
contact: Chris Bezaire, 412-490-5070 Vice President, Investor Relations
email@example.com or INEOS Media inquiries, please contact: Ed
Barnes, 815-423-1208 Vice President, Marketing and Sales