NOVA Chemicals and PFB Corporation sign letter of intent for acquisition of NOVA Chemicals' Performance Styrenics business

NOVA Chemicals Corporation ("NOVA Chemicals") and PFB Corporation, announced today that they have signed a letter of intent for PFB, through its subsidiary PFB International Corporation, to acquire NOVA Chemicals' Performance Styrenics business, including the expandable polystyrene ("EPS") and ARCEL resin products.

NOVA Chemicals will acquire an equity stake in PFB and hold two seats on PFB's Board of Directors following closing. In addition, at closing, Robert Snyder, Vice President, Performance Styrenics for NOVA Chemicals will join PFB as Chief Operating Officer, PFB International Corporation.

NOVA Chemicals and PFB expect definitive agreements to be executed during the second quarter, and closing to occur during the second half of 2012. The acquisition is subject to the definitive agreement being entered into, regulatory approval, and other customary conditions, including NOVA Chemicals' Board of Directors' approval, and PFB's Board of Director's and shareholder approval

“We are extremely excited to have NOVA Chemicals' experience and quality EPS resins become a part of our business. NOVA Chemicals has long been a leading North American producer of moldable foam resins with a diverse product portfolio serving the construction, packaging, and global cup and container markets. Together we have the opportunity to better serve customers - providing outstanding products to the market,” commented C. Alan Smith, CEO of PFB.

The acquisition of NOVA Chemicals' Performance Styrenics business by PFB International Corporation will underpin a vertically-integrated, construction materials focused product offering in the United States that parallels the Plasti-Fab Canadian operations. Bruce Carruthers, Chief Operating Officer of Plasti-Fab, stated, “With the world now focusing on sustainable building products, it is the time for our industry to provide vertically-integrated EPS product solutions that provide environmentally friendly alternatives to the construction industry. This is our mission.”

“We are excited about the combined company's dedicated focus on the growth and development of EPS resins, and their use in building insulation, protective packaging, and cup and container applications,” said Robert Snyder, Vice President, Performance Styrenics for NOVA Chemicals.
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