Ineos Nova to shutter polystyrene plant

In a move that is intended to remove high-cost capacity, Ineos Nova has decided to shutdown its polystyrene facility located at Belpre, Ohio by early next year; and take a US$65-million charge. The shutdown, set for before January 31, 2008, will reduce the company's North American polystyrene production capacity by 12%. Ineos Nova is controlled by Canada's Nova Chemicals Corp and Britain's Ineos.
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