PFB acquire NOVA’s performance styrenics business

PFB to acquire NOVA’s performance styrenics business

6:49 AM, 10th May 2012
PFB to acquire NOVA’s performance styrenics business

CALGARY, CANADA: PFB Corporation, through its subsidiary PFB International Corporation, will acquire NOVA Chemicals performance styrenics business, including the expandable polystyrene and ARCEL resin products. NOVA Chemicals will acquire an equity stake in PFB and hold two seats on PFB’s board of directors. In addition, at closing, Robert Snyder, Vice President, Performance Styrenics for NOVA Chemicals will join PFB as Chief Operating Officer, PFB International Corporation.

NOVA Chemicals and PFB expect definitive agreements to be executed during the second quarter, and closing to occur during the second half of 2012. The acquisition is subject to the definitive agreement being entered into, regulatory approval, and other customary conditions, including NOVA Chemicals board of directors approval, and PFB’s board of directors and shareholder approval.

“We are excited about the combined company dedicated focus on the growth and development of EPS resins, and their use in building insulation, protective packaging and cup & container applications,” said Robert Snyder, Vice President, Performance Styrenics, NOVA Chemicals.

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