NOVA Chemicals Corporation (NOVA Chemicals) has agreed to sell its expandable styrenics business to a subsidiary of Alpek S.A.B. de C.V. (Alpek). The parties expect to close the transaction in the fourth quarter.
The sale of its expandable styrenics business is an important step in NOVA Chemicals’ plan to focus on its olefin and polyethylene business, which includes additional investments to advance a global circular economy for plastic.
The transaction provides NOVA Chemicals with immediate cash generation to further strengthen its balance sheet and focus on the safe and successful completion and start-up of its world-class Advanced SCLAIRTECH™ technology facility under construction in Ontario, Canada, according to Luis Sierra, president and CEO of NOVA Chemicals.
As a leader in the expandable styrenics business in the Americas, Alpek sees strong business opportunities associated with this purchase, stated José de Jesús Valdez, Alpek’s CEO.
NOVA Chemicals’ expandable styrenics business consists of two product lines, expandable polystyrene and ARCEL® resin, with manufacturing facilities in Pennsylvania and Ohio, along with commercial operations in Asia.
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