Ambiguity prevails over status of 400 layoffs announced by Nova in January

02-May-09

Ambiguity prevails over status of 400 layoffs announced by Nova Chemicals in January. A month after Nova said it would cut 15% of its workforce worldwide, International Petroleum Investment Company (IPIC) announced a US$2.3 bln takeover bid. The layoffs are on hold pending a review by Nova's prospective buyer, IPIC. Though the company has cancelled a planned restructuring of the division that includes the three local Nova sites, a separate division in the US has suffered job losses. Nova has operations at three locations in Lambton County, the Corunna, Moore and St. Clair River sites.