Nova Chemicals Reignites Growth Plans as IPIC Acquisition is Complete

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Researched by Industrial Info Resources (Sugar Land, Texas)--Last week, International Petroleum Investment Company (IPIC) (Abu Dhabi, United Arab Emirates) completed its planned acquisition of Nova Chemicals Corporation (Calgary, Alberta). This transaction took place with speed and relative ease at a time when global markets are experiencing dramatic lows in demand and acquisitions are far and few between. Nova has consistently shown the desire to grow and become a world player in recent years, investing in both technology and plant assets. This transaction catapults Nova Chemicals into a new class of chemical companies with access to investment dollars that will potentially allow Nova to carry out and complete previously planned expansions in Canada.

Canadian investments by Nova for previously planned expansions of olefins business in Ontario and Alberta appear to be experiencing an immediate benefit from this recent union. Industrial Info is tracking nearly $200 million in active capital and maintenance projects planned by Nova across the United States and Canada as part of its North American Project Database. Many of these projects have been in some phase of planning or design for several years and have finally reached the stage of being approved and even mobilized in the field. Some of the largest projects include the debottlenecking, modernization and expansion of polyethylene capacity at plants located in Corunna, Ontario; Sarnia, Ontario; Mooretown, Ontario; and Joffre, Alberta. Nova is expected to continue operating as an independent subsidiary of IPIC, employing an estimated 1,700 people in the U.S. and Canada.

In addition to further growth in North America, Nova is expected to begin closely evaluating plans for growth into the Middle East and Asia. One of the most likely potential prospects in the Middle East is the participation in Abu Dhabi's "Chemical City." Some of the largest growth opportunities in the world for polyethylene exist in this region.

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Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy related markets. For more than 26 years, Industrial Info has provided plant and project opportunity databases, market forecasts, high resolution maps, and daily industry news.