Nova abandons plan to lay off 400 workers after acquisition deal with IPIC

04-Mar-09

After Abu Dhabi's International Petroleum Investment Corp (IPIC) arrived at a decision to acquire Nova Chemicals Corp. for about US$500 mln, the company has abandoned plans to lay off 400 workers. A plan to lay off 15% of its work force was announced by the company in early January amid deteriorating demand in the scenario of the global economic meltdown. Though Nova has also paused restructuring of its ethylene and polyethylene operations, it will keep evaluating initiatives for its performance styrene and shared corporate services arms.