Nova, PFB terminate deal for Nova's performance styrenics business
Houston (Platts)--16Nov2012/342 pm EST/2042 GMT
Nova Chemicals and PFB on Friday terminated plans for PFB to acquire its
fellow Canadian company's performance styrenics business, Nova said.
With the collapse of the deal, Nova will retain and continue to operate
its performance styrenics business, which includes its expandable polystyrene
and ARCEL resin products, the company said.
"It had become apparent to both Nova Chemicals and PFB that PFB would be
unable to complete certain steps necessary to consummate its planned
expansion of PFB's vertically integrated, construction materials focused
products offering in the United States. As a result, both parties decided to
terminate the letter of intent," it said.
The companies signed a letter of intent on the acquisition May 9.
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Under the May LOI, Nova would have acquired an equity stake in PFB and
held two seats on PFB's board after the deal closed and Nova's performance
styrenics vice president Robert Snyder would have joined PFB as Chief
Operating Office for PFB International.
Nova, which is headquartered in Calgary, Alberta, develops and
manufactures chemicals, plastic resins and end-products. Nova's two
facilities in the US in Monaca, Pennsylvania, and Painesville, Ohio, produce
expandable polystyrene among other products.
PFB, which is also headquartered in Calgary, is a vertically-integrated
manufacturer of proprietary insulating building products that are based on
expanded polystyrene (EPS) technology.
--Jeremy Rakes, email@example.com
--Edited by Keiron Greenhalgh, firstname.lastname@example.org