Business Deal Borealis Acquires Nova Chemicals’ Interest in Novealis
Novealis is a joint venture between affiliates of Borealis and Nova Chemicals. With this takeover, Borealis has acquired Nova Chemicals’ 50 % ownership interest in Novealis Holdings and aims to further increase its footprint in the North American market.
Austria – Borealis and Nova Chemicals Corporation have recently announced that Borealis has completed the acquisition of Nova Chemicals’ 50 % ownership interest in Novealis Holdings.
Formed in 2018, Novealis is the joint venture between affiliates of Borealis and Nova Chemicals, which subsequently formed a 50/50 joint venture with an affiliate of Total to launch Bayport Polymers (Baystar) in Houston, Texas, US.
“This acquisition supports our global growth ambitions,” commented Alfred Stern, Borealis CEO. “Acquiring Nova Chemicals’ share in Novealis will allow us to further increase our footprint in North America, enabling us to better serve our customers in this region with our value-add Borstar technology and its related products.”