INEOS NOVA joint venture will acquire rights to Sterling Styrene Production
NOVA Chemicals Corporation announced that it has secured exclusive rights to the styrene production from Sterling Chemicals Inc.'s Texas City, Texas, manufacturing facility on behalf of its pending joint venture with INEOS. The INEOS NOVA joint venture has received U.S. regulatory approval and will be assigned the rights when the joint venture is operational, which is expected to be October 1, 2007. The $60 million cost of the transaction will be fully funded by the INEOS NOVA joint venture from cash on hand.
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