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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

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