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

PolyOne takes on LED lighting

October 22, 2014 4:23 pm ET

PolyOne Corp. is making inroads into LED lighting applications with its Therma-Tech-brand material technology.    More

Image

Sales, orders climbing for Wittmann Battenfeld

October 22, 2014 4:04 pm ET

Equipment maker Wittmann Battenfeld GmbH expects sales this year to increase 7 percent, to 295 million euros, as it said some key markets, including...    More

Image

Bergen International adds manufacturing space, extrusion line

October 22, 2014 3:42 pm ET

Chemical foaming agent manufacturer Bergen International LLC recently doubled its manufacturing capacity, added an extrusion line and laboratory...    More

Image

DuPont materials taking more ground in auto, medical, electronics

October 22, 2014 2:41 pm ET

Materials made by DuPont Co. are making inroads with products ranging from auto coolant pipes to circuit breakers to surgical devices.    More

Image

Materials companies introduce a range of new products at Fakuma

October 22, 2014 11:29 am ET

DuPont Co. led a parade of materials firms with new products at Fakuma 2014.    More

Market Reports

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

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

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

More Events