Nova Cuts 400 Jobs, Warns of ‘Lousy’ Fourth Quarter Earnings

Nova Chemicals will cut 400 jobs, about 15% of its work force, to counter falling prices and weakening demand, according to an analyst briefing Nova held yesterday. 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.” Lipton also sought to reassure analyst that the company is taking firm steps to boost cash flow and liquidity. “We don’t have final numbers from the fourth...

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