Nova terminates letter of intent to sell performance styrenics to PFB

Nova Chemicals says that it and PFB Corp., (PFB; Calgary, AB) mutually agreed to terminate their letter of intent for PFB to acquire Nova Chemicals’ performance styrenics business.The companies announced the deal in May. Nova Chemicals will retain and continue to operate its performance styrenics business, which includes its expandable polystyrene and ARCEL resin products.   It had become apparent to both Nova Chemicals and PFB that PFB would be unable to complete certain steps necessary to consummate its planned expansion of PFB’s vertically...

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