Nova Chemicals and BP say they have reached a preliminary agreement to submerge their styrenic polymer businesses in Europe to create a 50-50 joint adventure The move is intended to provide a much-need boost to the businesses' profitability and will be followed by means of restructuring.

Nova Chemicals and BP say they have reached a preliminary agreement to submerge their styrenic polymer businesses in Europe to create a 50-50 joint adventure The move is intended to provide a much-need boost to the businesses' profitability and will be followed by means of restructuring, most likely involving capacity closure the companies say. "We believe this deal is a unique opportunity to improve significantly an under-performing portion of our business," says Jeffrey M Lipton, president and CEO of Nova. Styrenic polymer in Europe have been "our weakest performing area for a number of years," Lipton says.

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