Nova to cut 400 jobs worldwide

Canada's number one plastics producer, Nova Chemicals Corp. will cut 400 jobs worldwide- 15% of the company's global workforce, including an undisclosed number at its petrochemicals plant in the southwestern Ontario community of Sarnia. This is part of an effort to reduce costs by about US$100 mln this year, as company bottom line has taken a beating due to deteriorating prices and weakening demand for plastics.
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