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People & Business :: People/Executives
Nova Cuts 400 Jobs, Warns of ‘Lousy’ Fourth-Quarter Earnings
January 12, 2009 | KARA SISSELL
Nova Chemicals will cut 400 jobs, about 15% of its work force, to counter falling prices and weakening demand. Nova CEO Jeff Lipton says the company’s fourth quarter will be “lousy due mainly to a weak order pattern for the first part of the quarter and large flow-through feedstock charges related to our accounting practices.” Nova is taking firm steps to boost cash flow and liquidity, Lipton says. “We don’t have final numbers from the fourth quarter but we do know we will start 2009 with a liquidity base of about $575 million and as...
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