NOVA Chemicals and PFB Corporation terminate letter of intent for acquisition of NOVA Chemicals' Performance Styrenics business
2012-11-16 17:17:49 -
NOVA Chemicals Corporation, 1000 Seventh Avenue S.W., Calgary, Alberta, Canada
www.novachemicals.com | 403.750.3600 tel | 403.269.7410 fax
NOVA Chemicals and PFB Corporation terminate letter of intent for acquisition of
NOVA Chemicals' Performance Styrenics business
Calgary, Alberta (November 16, 2012) - NOVA Chemicals Corporation ("NOVA
Chemicals") announced today that it and PFB Corporation ("PFB") mutually
to terminate their letter of intent for PFB to acquire NOVA Chemicals'
Performance Styrenics business.
NOVA Chemicals will retain and continue to operate its Performance Styrenics
business, which includes its expandable polystyrene and ARCEL(®) resin products.
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
"We are disappointed that this transaction with PFB was not successful, but will
move forward, focusing on performance and continuous improvement for the
Performance Styrenics business," stated Randy Woelfel, CEO, NOVA Chemicals.
About NOVA Chemicals
NOVA Chemicals develops and manufactures chemicals, plastic resins and end-
products that make everyday life safer, healthier and easier. Our employees
work to ensure health, safety, security and environmental stewardship through
our commitment to sustainability and Responsible Care(®). NOVA Chemicals,
headquartered in Calgary, Alberta, Canada, is a wholly owned subsidiary of the
International Petroleum Investment Company (IPIC) of the Emirate of Abu Dhabi,
United Arab Emirates.
Visit NOVA Chemicals on the Internet at www.novachemicals.com.
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The NOVA Chemicals logo is a registered trademark of NOVA Brands Ltd.;
authorized use. ARCEL(® )is a registered trademark of NOVA Chemicals Inc.
Responsible Care(®) is a registered trademark of the Chemistry Industry
Association of Canada (CIAC) in Canada and is a registered service mark of the
American Chemistry Council (ACC) in the United States.
Forward Looking Information: This news release contains forward-looking
information regarding the termination of the letter of intent for PFB
Corporation to acquire NOVA Chemicals' Performance Styrenics business, including
statements regarding NOVA Chemicals plans to move forward, focusing on
performance and continuous improvement for its Performance Styrenics business.
By its nature, forward-looking information involves assumptions, known and
unknown risks and uncertainties that could cause actual results to differ
materially from those expressed in the forward-looking information. Some of the
risks, uncertainties and other factors that could negatively affect the
reliability of the forward-looking information are detailed in the publicly
filed disclosure documents and securities commissions' reports of NOVA
Chemicals. NOVA Chemicals' forward-looking information is expressly qualified
in its entirety by this cautionary statement. In addition, the forward-looking
information is made only as of the date of this news release, and except as
required by applicable law, NOVA Chemicals undertakes no obligation to publicly
update this forward-looking information to reflect new information, subsequent
events or otherwise.
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originality of the information contained therein.
Source: NOVA Chemicals Corporation via Thomson Reuters ONE