According to Hydrocarbon Processing News on October 20, NOVA Chemicals has agreed to sell its scalable styrene business to a subsidiary of Alpek. The two parties expect to complete the transaction in the fourth quarter.
The sale of its expandable styrene business is an important step in NOVA Chemicals’ plan to focus on olefins and polyethylene, which includes additional investments to promote the global plastics circular economy.
Luis Sierra, President and CEO of NOVA Chemicals, said: "This transaction allows us to generate cash immediately to further strengthen our balance sheet and focus on the safe, successful completion and launch of the world-class building under construction in Ontario, Canada. Advanced SCLAIRTECH? Technical facilities. I want to thank our employees for their hard work and dedication. I believe that our talents, assets and technology will enable Alpek to develop and improve this business, so as to better serve customers across the Americas ."
Joséde Jesús Valdez, CEO of Alpek, said: "As a leader in the scalable styrene business in the Americas, Alpek sees a strong business opportunity related to this acquisition. We look forward to welcoming new team members and leveraging the existing momentum for shareholders. Create value."
NOVA Chemicals' scalable styrene business includes two product lines, scalable polystyrene and ARCEL® resin, production facilities in Pennsylvania and Ohio, and commercial operations in Asia.
Source: Chemical Network
