NOVA Chemicals Corporation
yesterday announced it plans to close its
, site in 2006. The plant, which manufactures polystyrene, has a capacity of 300 million pounds (136 kilotonnes) per year and compounding capability of 170 million pounds (77 kilotonnes) per year.
“We were able to take this step because upgrades to the Performance Products operations at our Belpre,
NOVA Chemicals also announced the intent to close its
The closures are expected to reduce costs by approximately $15 million per year and will also have the benefit of reducing working capital requirements.
NOVA Chemicals will take a non-cash, after-tax charge of approximately US $46 million in the fourth quarter of 2005 due to the