Nova Enters Agreement with Alpek To Divest Its Styrenics Business

摘要

Nova Chemicals has signed an agreement to sell its expandable styrenics business to a subsidiary of Alpek for an undisclosed amount. Alpek will acquire a 100% stake in Nova's BVPV Styrenics business, which owns and operates a facility in Monaca, Penn., with a capacity of 123,000 t/y of expandable polystyrene (EPS), 36,000 t/y of Arcel resin, and a research and development pilot plant, as well as a plant in Painesville, Ohio, with 45,000 t/y of EPS capacity. The sale, which is expected to close this quarter, is an "important" step in Nova's plan to focus on its olefin and polyethylene (PE) business, which includes additional investments to advance a global circular economy for plastic, Nova noted.