Deal terminated for PFB to buy Nova performance styrenics

By Frank Esposito
Senior Staff Reporter

Published: November 16, 2012 6:00 am ET

Related to this story

Topics Materials, Mergers & Acquisitions, Suppliers

CALGARY, ALBERTA (Nov. 16, 12:45 p.m. ET) — Building products maker PFB Corp.’s deal to acquire the performance styrenics business of resin maker Nova Chemicals Corp. has been terminated.

In a Nov. 16 news release, officials with PFB and Nova -– both of which are based in Calgary, Alberta — said that the two sides “have been unable to execute definitive agreements in accordance with the terms of the letter of intent.”

The deal had been announced in May. Under terms of the deal, PFB would have acquired Nova’s expandable polystyrene and Arcel-brand styrenic copolymers businesses, including plants in Painesville, Ohio, and Monaca, Pa. Nova also would have acquired an equity stake in PFB, which operates in Canada as Plasti-Fab Ltd., making insulating building products from EPS, concrete and wood.

PFB would have become a much larger company if the Nova deal had been completed. PFB has annual sales of about C$90 million, while Nova’s EPS and Arcel business had sales of almost US$330 million last year.

Financial performance at PFB – which is publicly traded on the Toronto Stock Exchange – in the first nine months of 2012 declined quite a bit from the same period in 2011. The firm’s nine-month profit fell almost 86 percent to C$321,000 even though its nine-month sales total slid less than two percent to C$64.6 million.


Comments

Deal terminated for PFB to buy Nova performance styrenics

By Frank Esposito
Senior Staff Reporter

Published: November 16, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Small is beautiful in Nissei's newest press

November 21, 2014 2:14 pm ET

Responding to customer demand for flexibility, Japanese plastics-equipment manufacturer Nissei Plastic Industrial Co. Ltd. is demoing a caster-...    More

Image

Three advancements have driven injection molding technology

November 21, 2014 6:00 am ET

Injection molding technology has made major advances in the last 25 years, from largely a world of shoot-and-ship to doing as much as possible at the ...    More

Image

Renners leaving Sumitomo (SHI) Demag

November 21, 2014 10:01 am ET

Christian Renners is leaving injection molding press manufacturer Sumitomo (SHI) Demag Plastics Machinery GmbH, the company announced Nov. 21.    More

Image

Dow reaches agreement with Third Point

November 21, 2014 9:11 am ET

Dow Chemical Co. has reached an agreement with the investment firm that has been trying to force the company to sell off some assets.More

Image

Ineos making its UK shale play

November 21, 2014 9:29 am ET

Chemical giant Ineos Group AG is planning to be the biggest player in the United Kingdom's shale gas industry.    More

Market Reports

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events