Borealis Completes Acquisition of Nova's 50% Ownership Share in Novealis
The three-way polyolefins venture Bayport Polymers is now a 50/50 joint venture between Borealis and Total.
Borealis AG (U.S. office in Houston, Texas) and Nova Chemicals Corp. (U.S. office in Pittsburgh) have announced that Borealis has complete the acquisition of Nova’s 50% ownership interest in Novealis Holdings LLC.
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 S.A (U.S. office in Houston, Texas) to launch Bayport Polymers LLC (“Baystar”) in Houston.
Said Borealis CEO Alfred Stern, “This acquisition supports our global growth ambitions. 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.”
As reported previously, at the mid-2018 official groundbreaking of the joint venture’s 2-billion lb/yr ethane steam cracker, it was explained that Baystar combines Total’s existing Bayport, Texas, 900-million lb/yr PE facility with the Borealis proprietary multi-modal Borstar technology that produces enhanced L/LDPE, HDPE and MDPE, and Nova’s deep polyethylene customer and technical expertise to deliver a broad range of products to help meet growing demand. More importantly, the project includes a new 1.4-billion lb/yr Borstar PE unit, slated to come on stream next year.
Related Content
-
In Sustainable Packaging, the Word is ‘Monomaterial’
In both flexible and rigid packaging, the trend is to replace multimaterial laminates, coextrusions and “composites” with single-material structures, usually based on PE or PP. Nonpackaging applications are following suit.
-
Automotive Awards Highlight ‘Firsts,’ Emerging Technologies
Annual SPE event recognizes sustainability as a major theme.
-
ABC Technologies to Acquire Windsor Mold Group Technologies
The Tier One automotive supplier with compounding and blowmolding machine capabilities adds the 50-yr-old molder and moldmaker.