Released on 26/11/12

Nova Chemicals and construction materials producer PFB have called off a proposed deal for PFB to acquire Nova's speciality styrenic resins business. Under the agreement inked in May 2012, Nova would swap its styrenics unit for an equity stake in PFB. The Nova business produces expandable polystyrene and polystyrene-polyethylene resins used in packaging foam. The unit posted sales of $327 M in 2011. The transaction was previously expected to close in early 2013.

Source Chemical and Engineering News