US FTC approves expansion of INEOS NOVA
INEOS confirms that the U.S. Federal Trade Commission has approved the proposed expansion INEOS NOVA joint venture.
Under the terms of the proposed agreement, INEOS will contribute its North American styrene and polystyrene assets and NOVA Chemicals will contribute its STYRENIX unit and other styrenics polymer assets to a 50:50 joint venture arrangement. The STYRENIX unit includes NOVA Chemicals North American styrene and solid polystyrene assets.
The joint venture is expected to commence operations on October 1, 2007. Following completion of the deal, the global joint venture arrangement is forecasted to have sales of approximately $3.5 billion per year and a leading market position for styrene and solid polystyrene in North America.
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