NOVA Chemicals Corporation provided an update regarding progress toward the restructuring goals announced in a news release on June 26, 2006.
The company will reach a cost-reduction rate of $45 million per year by the end of the third quarter of 2006 and remains on-track to meet its restructuring cost-reduction target of at least $65 million per year by the end of the fourth quarter of 2006.
NOVA Chemicals will take an after-tax charge of approximately $30 million in the third quarter of 2006 to reflect restructuring costs.
To date, 20 of a total of 64 senior management positions have been eliminated in the restructuring. As previously announced, a total of approximately 375 positions will be eliminated to support cost-reduction objectives.
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.
NOVA Chemicals works with a commitment to Responsible Care to ensure effective health, safety, security and environmental stewardship.
NOVA Chemicals Corporation
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