NOVA Chemicals Corporation (“NOVA Chemicals”) today announced that it has completed the previously announced acquisition of Williams Partners L.P.’s (“Williams”) indirect 88.46% ownership interest in the Geismar, Louisiana olefins plant. As part of the deal, NOVA Chemicals now owns approximately 525 acres of undeveloped land adjacent to the plant and Williams’ interest in the Ethylene Trading Hub in Mt. Belvieu, Texas.

“This is a game changer for our company, as it marks our entry into the U.S. Gulf Coast, which allows us to better serve our customers in the Americas,” said Todd Karran, president and CEO, NOVA Chemicals. “We are particularly pleased to welcome our talented new employees to NOVA Chemicals and look forward to meeting and working alongside our new customers, suppliers and the communities in Louisiana and Texas.”

The plant produces approximately 1.95 billion pounds of ethylene annually and is located in the U.S. Gulf Coast region, the largest refining and petrochemical production hub in North America. With riverfront access, the adjacent land represents a significant opportunity for future growth.

HSBC Securities (USA) Inc. acted as exclusive financial advisor to NOVA Chemicals on the acquisition transaction. Orrick, Herrington & Sutcliffe LLP and Liskow & Lewis acted as legal counsel. Barclays and HSBC Securities (USA) Inc. acted as lead arrangers on the permanent financing of the acquisition.

 

Source:novachem.com

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