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Borealis acquires Nova Chemicals interest in Novealis
20 Apr '20
1 min read
Pic: Borealis AG
Borealis AG, an Austria-based leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers, and Nova Chemicals Corporation, a plastics and chemical company, have jointly announced that the Borealis has completed the acquisition of Nova Chemicals’ 50 per cent ownership interest in Novealis Holdings llc.
Formed in 2018, Novealis is the joint venture between affiliates of Borealis and Nova Chemicals, which subsequently formed a 50/50 joint venture with an affiliate of Total SA to launch Bayport Polymers llc.
“This acquisition supports our global growth ambitions,” Alfred Stern, Borealis CEO, said in a press release. “Acquiring Nova Chemicals’ share in Novealis will allow us to further increase our footprint in North America, enabling us to better serve our customers in this region with our value-add Borstar technology and its related products.”
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