Pittsburgh based Global chemical leader NOVA Chemicals Corporation President and Chief Executive Officer, Jeffrey M. Lipton, described positive momentum in NOVA Chemicals' business in 2006 after reporting disappointing year-end results for 2005.
Speaking at the company's annual shareholder meeting, Lipton discussed a series of unusual events during the past year that negatively impacted after-tax net income by U.S. $240 million. NOVA Chemicals reported a net loss of $104 million in 2005, compared to net income of $252 million in 2004.
“NOVA Chemicals is poised to improve results for 2006 and 2007 as inventory levels throughout the chain remain low, operating rates are high, and fundamental demand continues to build,” said Lipton. “We also expect to deliver significant value to our customers and shareholders through growth of our Performance Products portfolio.”
In other agenda items at the annual meeting, the shareholders:
Elected the following directors, all of whom were previously serving as directors, for a one-year term: Jerald A. Blumberg, F. Peter Boer, Jacques Bougie, Joanne V. Creighton, Robert E. Dineen, Jr., L. Yves Fortier, Kerry L. Hawkins, Jeffrey M. Lipton, Arnold M. Ludwick, J.E. Newall, Janice G. Rennie and James M. Stanford.
Approved the reappointment of Ernst & Young LLP as auditors of the company.
NOVA Chemicals produces plastics and chemicals that are essential to everyday life. Our employees develop and manufacture materials for customers worldwide that produce consumer, industrial and packaging products.
Company work with a commitment to Responsible Care to ensure effective health, safety, security and environmental stewardship. Company shares are traded on the Toronto and New York stock exchanges as NCX.
NOVA Chemicals Corporation
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