BP and NOVA Chemicals sign binding agreements for European Styrenics Joint Venture
BP and NOVA Chemicals Corporation announced they have signed binding agreements to merge their European styrenic polymers businesses into a 50:50 Joint Venture. As previously announced in November 2004, the transaction to form the Joint Venture will be cashless. The Joint Venture will be named NOVA Innovene, after its shareholders NOVA Chemicals and Innovene, BP's newly formed olefins and derivatives business.
Innovene and NOVA Chemicals announced the nomination of two senior managers to lead the Joint Venture. Martin Pugh, currently Vice President and Managing Director for NOVA Chemicals in Europe, will serve as Managing Director of NOVA Innovene. Chris de la Camp, currently the Controller of the Innovene Styrenics business, will be Finance Director of the new Joint Venture.
NOVA Innovene plans to deliver market-leading styrenic polymers to its customers and to become the most cost-effective producer in the European market. Innovene and NOVA Chemicals expect to commence operations of the Joint Venture, following regulatory and other approvals, in the third quarter of 2005.
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