NOVA Chemicals sells its half of joint venture company

January 15, 2020 Off By Sebastian Reisig

Borealis AG announced it would purchase NOVA Chemicals Corp.’s 50 percent ownership interest of a joint venture company‑ Novealis‑ created between affiliates of the two, according to a news release Thursday.  

After forming in 2018, Novealis formed a 50/50 joint venture with Total S.A., a French oil and gas company, to launch Houston-based Bayport Polymers LLC, according to the release.

The transaction is set to close in the first half of 2020 and no financial details were disclosed. 

NOVA is headquartered in Calgary Alberta, but has its executive offices in Pittsburgh and employs about 450 in the region.