|
|
Article: Nova Buys Huntsman Styrenics; Canadian Firm Boosts NA Profile.
- Article from:
- Chemical Market Reporter
- Article date:
- July 27, 1998
- Author:
CopyrightCOPYRIGHT 1998 Schnell Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Huntsman gains $235 million of Nova stock.
IN A MOVE. THAT WILL add polystyrene to the list of plastic resin markets to be restructured, Nova Corporation and Huntsman Corporation will combine their styrenics businesses, making Nova the largest producer in North America.
Nova will have a nameplate of 2.5 billion pounds of styrene and 3.3 billion pounds of polystyrene. The deal will also give Nova production in Europe and a 13 percent share of the global business.
Huntsman will gain $920 million from the deal, which will include $235 million in Nova stock, making it Nova's largest shareholder. Nova expects to close the deal by the end of the year and ...