Borealis AG and Nova Chemicals Corporation announced on 15 April 2020 that Borealis has completed the acquisition of Nova Chemicals’ 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. to launch Bayport Polymers LLC (“Baystar”) in Houston, TX, USA.
“This acquisition supports our global growth ambitions,” said Alfred Stern, Borealis CEO. “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.”