BP and Nova Chemicals Corporation to Create a Styrene Polymers Joint Venture acrosss Europe
BP and NOVA Chemicals Corporation announced that they have reached an agreement in principle to combine their European interests in styrene polymers to create one of the largest polystyrene and expandable polystyrene manufacturers and marketers in Europe. BP and NOVA Chemicals will each have a 50 per cent stake.
The proposed joint venture, which is subject to a number of regulatory and other consents, is expected to commence during early 2005, and be headquartered in Fribourg, Switzerland.
These products will be produced at seven manufacturing locations across Europe: NOVA Chemicals' existing sites at Carrington, UK; Breda, Holland; Ribecourt, France; and Berre, France and the current BP sites at Marl, Germany; Wingles, France; and Trelleborg, Sweden.
Ralph Alexander, CEO of BP's Olefins and Derivatives business said: "Our combined customer base will see better product and geographic coverage, and greater scale leading to improved service. The key benefits of the proposed deal are product and technology leverage, rationalisation of commercial operations and production optimisation across the asset base."
NOVA Chemicals will retain its styrenics business across the Americas whilst BP's Olefins and Derivatives business will retain its styrene monomer production facilities and interest in the polystyrene production facilities in the SECCO joint venture in China and will continue to offer licensing packages to other parties.
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