To meet the performance requirements of the growing Mexican markets, particularly through highly efficient, high-tech construction applications, NOVIDESA SA de CV has been formed. NOVIDESA, SA de CV is a 50-50 joint venture between NOVA Chemicals Corporation and Mexico's GRUPO IDESA. The new JV will be formed by a cashless transaction and is expected to commence operations in September 2005. The two have reached an agreement in principle to form a 50:50 joint venture that will be positioned as a market leader in high value expandable polystyrene for applications such as construction and packaging in the booming Mexican market.
NOVIDESA will also distribute NOVA Chemicals' solid polystyrene in Mexico The JV plans to convert solid polystyrene (SPS) production to higher value EPS production to meet the expected growth in construction application demand. EPS production for the new JV will come from GRUPO IDESA's Apizaco facility in the state of Tlaxcala.
Mexico's rapidly expanding market will see the advent of leading EPS process technology, exclusive application designs and value-added polymer products.
GRUPO IDESA, one of the five largest petrochemical companies located in Mexico, is a privately owned company, and has been a leader in the Mexican petrochemical market for 50 years and a polystyrene producer for 26 years.
19-Jul-05 
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