Ineos Nova and SEEA Polymers have signed an agreement to form a 50:50 joint venture to build and operate a new 100000 tpa expandable polystyrene (EPS) plant in Romania.
The proposed facility is expected to commence operations by late 2009 at a site owned by SEEA Polymers in Medgidia, Romania, near the Black Sea. The location will enable the new plant to enjoy reliable, low-cost logistics. The plant is expected to manufacture an entire range of products and also attain the status of the lowest cost producer of EPS in Europe. EPS consumption in the region is projected to grow at over 10% pa.
INEOS NOVA is a global leader in styrene and styrenic polymers. Formed on October 1 2007, INEOS NOVA, formerly NOVA Innovene, is an expansion of the European Joint Venture between INEOS and NOVA Chemicals to include North American styrene and polystyrene assets. INEOS NOVA is an innovative company committed to health, safety and the environment. Our global headquarters is in Joliet, Illinois and our European headquaters is located in Fribourg Switzerland.
SEEA Polymers is an entrepreneurial plastics manufacturing and processing company created by a group of Romanian investors. (novachem.com)