INEOS NOVA announced today that it plans to shut down its
Montreal, PQ polystyrene production by the end of 2007. The site has
annual production capacity of 120 million pounds (55 kilotons) of
polystyrene.
Kevin McQuade, INEOS NOVA's CEO said, "Shutting down the Montreal
site will remove high-cost capacity and enable us to consolidate
production at our most efficient manufacturing sites." McQuade went on
to say, "We are committed to providing our customers with an effective
transition during the coming months."
The shutdown will remove approximately 6% of INEOS NOVA's North
American polystyrene production capacity. This action represents the
first step toward achieving the estimated $50 million annual North
American synergies target for INEOS NOVA.
INEOS NOVA is committed to being recognized as the global leader
in styrenics. Our employees manufacture and market styrene and
styrenic polymers with a dedicated focus on health, safety, security
and environmental stewardship. INEOS NOVA is a joint venture of INEOS
and NOVA Chemicals.
Visit us on the Internet at www.ineos-nova.com.
