NOVA Chemicals and GRUPO IDESA to Form Styrenic Polymers Joint Venture in Mexico
PITTSBURGH--(BUSINESS WIRE)--July 14, 2005--NOVA Chemicals Corporation (NYSE:NCX)(TSX:NCX) announced it has reached an agreement in principle to form a 50:50 joint venture (JV) in Mexico with GRUPO IDESA. The new venture, to be called NOVIDESA, SA de CV, plans to be a market leader in high value expandable polystyrene (EPS) for applications such as construction and packaging in the growing Mexican market. NOVIDESA will also distribute NOVA Chemicals' solid polystyrene in Mexico. The new JV will be formed by a cashless transaction and is expected to commence operations in September 2005.
EPS production for the new JV will come from GRUPO IDESA's Apizaco facility in the state of Tlaxcala (located 120 km or 75 miles east of Mexico City). The JV plans to convert solid polystyrene (SPS) production to higher value EPS production to meet the expected growth in construction application demand.
Other news from the department business & finance
These products might interest you
Spinsolve Benchtop NMR by Magritek
Spinsolve Benchtop NMR
Spinsolve is a revolutionary multinuclear NMR spectrometer that provides the best performance
Eclipse by Wyatt Technology
FFF-MALS system for separation and characterization of macromolecules and nanoparticles
The latest and most innovative FFF system designed for highest usability, robustness and data quality
HYPERION II by Bruker
FT-IR and IR laser imaging (QCL) microscope for research and development
Analyze macroscopic samples with microscopic resolution (5 µm) in seconds
