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2006-08-23 News Headlines

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NOVA Chemicals restructuring goals to eliminate 375 positions

NOVA Chemicals Corporation, producer of plastics and chemicals for consumer, industrial and packaging products, announces restructuring progress.

NOVA Chemicals Corporation (NYSE, TSX: NCX) today provided an update regarding progress toward the restructuring goals announced in a news release on June 26, 2006. The company will reach a cost-reduction rate of $45 million per year by the end of the third quarter of 2006 and remains on-track to meet its restructuring cost-reduction target of at least $65 million per year by the end of the fourth quarter of 2006.

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NOVA Chemicals will take an after-tax charge of approximately $30 million in the third quarter of 2006 to reflect restructuring costs. To date, 20 of a total of 64 senior management positions have been eliminated in the restructuring. As previously announced, a total of approximately 375 positions will be eliminated to support cost-reduction objectives.

Nova Chemicals resins. Click Go for larger image. photo: Nova Chemicals Corporation

NOVA Chemicals produces plastics and chemicals that are essential to everyday life, with a focus on two product chains: ethylene and polyethylene - styrene and polystyrene. Their industry is capital intensive and cyclical - and the key determinant of profitability is the balance of supply and demand for their products. Nova Chemicals employees develop and manufacture materials for customers worldwide that produce consumer, industrial and packaging products. NOVA Chemicals works with a commitment to Responsible Care® to ensure effective health, safety, security and environmental stewardship. Company shares are traded on the Toronto and New York stock exchanges as NCX.

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Read a recent press release from Nova Chemicals Corporation about - 'NOVA Chemicals Corporation announces the successful start-up of Ningbo Chang-Qiao Engineering Plastics, an ARCEL moldable foam resin manufacturing facility in China.'

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