NOVA Chemicals and Supreme Petrochem Ltd. Announce EPS Process Technology License and Product Off-Take Venture
22 April 2009 - 5:00AM
Business Wire
NOVA Chemicals (International) S.A. and Supreme Petrochem Ltd.
(SPL) announced they have executed a license agreement for SPL to
license NOVA Chemicals� proprietary expandable polystyrene (EPS)
cup bead technology. The arrangement also includes a supply
agreement between the firms. NOVA Chemicals� proprietary EPS cup
bead technology provides enhanced material property and product
performance characteristics in diverse food grade applications.
�We are very pleased to expand our existing relationship with
Supreme Petrochem, which started with polystyrene licensing in
India,� said Rocky Vermani, NOVA Chemicals� Managing Director,
Licensing. �The proprietary EPS cup bead technology will facilitate
the growth of these value adding products in the regional markets.
Also, this is an important step in NOVA Chemicals� strategy to
enhance its support to its Asian customer base and ensures regional
supply to support their growth with these products.�
�The addition of NOVA Chemicals� proprietary EPS cup bead
technology expands Supreme Petrochem�s leadership position in
styrenics polymers in India and internationally, adding to our
existing polystyrene, expandable polystyrene and compounding
operations in Nagothane and Chennai,� said Nageswaran Gopal,
Supreme Petrochem�s Executive Director. �The licensed plant will be
designed and constructed for a 20 kta capacity and situated at our
Nagothane facilities, near Mumbai.�
About NOVA Chemicals
NOVA Chemicals (NYSE:NCX)(TSX:NCX) develops and manufactures
chemicals, plastics and end-products that make everyday life safer,
healthier and easier. Our employees work to ensure health, safety,
security and environmental stewardship through our commitment to
Responsible Care�. NOVA Chemicals shares are traded as NCX on the
Toronto and New York stock exchanges. Visit NOVA Chemicals on the
Internet at www.novachemicals.com.
About Supreme Petrochem Ltd.
Supreme Petrochem Ltd. has been jointly promoted by Supreme
Industries Ltd., India�s largest plastic processors, and the Rajan
Raheja Group. The company commands close to 50% market share in the
polystyrene business in India, and has a manufacturing capacity of
272,000 TPA. It is also a leading producer of specialty compounds
and masterbatches for the automotive, styrenics and other plastics
industries in the country.
SPL is also making a major entry in EPS business with a revamped
plant start of 20,000 TPA in Chennai. The company offers a
comprehensive range of all key grades of polystyrene�crystal,
impact and specialty. Globally, Supreme Petrochem has a presence in
93 countries.
Photographs and graphics are available upon request.
Responsible Care� is a registered trademark of the Canadian
Chemical Producers Association (CCPA) in Canada and is a registered
service mark of the American Chemistry Council (ACC) in the United
States.
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