Nova Innovene Hits Cost, Profit Targets Early

Nova Innovene, the 50-50 European styrenic polymers joint venture between Nova Chemicals and Ineos, has achieved €55 million ($74 million) of annualized fixed cost savings since its creation in October 2005, says Nova Innovene managing director Martin Pugh. Nova Innovene is on track to achieve its original target of €60 million in annualized fixed cost cuts by the end of this quarter, six months ahead of schedule, Pugh says. The cuts have been achieved by closing expandable polystyrene (EPS) plants at Berre, France and Carrington, U.K. last September...

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