PITTSBURGH & LYNDHURST, U.K., June 6 /CNW/ - NOVA Chemicals Corporation
(NYSE: NCX)(TSX:NCX) and INEOS today named the remaining positions on the
senior leadership team and announced the headquarters location 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 to include North American styrene
and polystyrene assets. The proposed expanded joint venture will be known as
The following senior officers have been named:
-- Tom Strifler - Vice President, Operations & Engineering. Currently,
Mr. Strifler is NOVA Chemicals' Vice President of Engineering.
-- John Morgan - Vice President, Purchasing & Logistics. Mr. Morgan is
currently NOVA Chemicals' Vice President, Corporate Development.
These officers will be part of the senior leadership team of INEOS NOVA
along with previously nominated members: Kevin McQuade, Chief Executive
Officer; Martin Pugh, Managing Director for Europe, and Chris de la Camp,
Chief Financial Officer. The headquarters for the proposed expanded joint
venture will be in Joliet, Illinois, which is also the location of the
proposed joint venture's largest polymer plant.
The preliminary target for new synergies for INEOS NOVA has been raised
to U.S. $50 million. The transaction to form the expanded joint venture is
expected to close in the third quarter of 2007, subject to approvals and
completion of definitive agreements.
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 15,000 employees and sales of more than $36 billion.
Maps and graphics are available upon request.
The information in this news release contains forward-looking statements,
including statements regarding: the revised preliminary target for new
synergies for the joint venture 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 otherwise.
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 Corporation Media inquiries,
please contact: Greg Wilkinson - Vice President, Public and Government Affairs
Tel: 412-490-4166 E-mail: firstname.lastname@example.org or Investor Relations
inquiries, please contact: Chris Bezaire - Vice President, Investor Relations
Tel: 412-490-5070 E-mail: email@example.com OR INEOS media inquiries,
please contact: Ed Barnes - Vice President, Marketing and Sales Tel:
815-423-1208 E-mail: firstname.lastname@example.org