Home / Knowledge / News / Textiles / IPIC 'Knight in shining armour' for Nova Chemicals
IPIC 'Knight in shining armour' for Nova Chemicals
03
Mar '09
Nova Chemicals Corp, manufacturer of chemicals and petrochemicals like ethylene and polyethylene has put on hold a proposal to lay-off around 400 workers, due to an agreement signed with the UAE based, International Petroleum Investment Corp to buy the company.

The deal worth US $500 million has put to a halt, restructuring at its ethylene and polyethylene operations. But, the company will keep on evaluating initiatives of its performance of its styrene division from time to time.

Nova Chemicals has been trying to put off a financial crisis since the last few weeks and the Abu Dhabi Company has played the role of 'knight in shining armour' to the hilt, in avoiding the 400 lay-offs in the company.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 18th Jan 2017

China lays out plan to boost foreign investment

The Government of China has outlined measures to boost foreign...

Prime Minister Theresa May speaking on the UK government's negotiating objectives for exiting the EU. Courtesy: UK government

Textiles | On 18th Jan 2017

UK to pursue trade agreements with other countries

The United Kingdom will pursue free trade agreements with the EU and...

Courtesy: Alibaba Group

Apparel/Garments | On 18th Jan 2017

Alibaba forges global alliance to fight counterfeiting

Jack Ma led Alibaba Group has forged an alliance with various global...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search