Company Overview of NOVA Chemicals Corporation
NOVA Chemicals Corporation produces and sells plastics and chemicals in the United States, Canada, Europe, and other countries. It offers polyethylene and styrenic polymer resins for a range of applications, such as rigid and flexible packaging, containers, plastic bags, plastic pipes, consumer electronics, building and construction materials, housewares, and other industrial and consumer goods; and ethylene to manufacture various polymers and other chemical products. The company also provides chemical co-products, including propylene, benzene, and butadiene, which are used to make items, such as tires, carpet and clothing fibers, and household goods; and energy co-products comprising gasoli...
1000 Seventh Avenue, S.W.
PO Box 2518
Calgary, AB T2P 5C6
Founded in 1954
Key Executives for NOVA Chemicals Corporation
Acting Chief Executive Officer
Senior Vice President of Operations
Senior Vice President and President of Olefins & Feedstocks Business
Senior Vice President of Polyethylene Business
Compensation as of Fiscal Year 2014.
NOVA Chemicals Corporation Key Developments
NOVA Chemicals Corporation Announces Consolidated Unaudited Earnings Results for Third Quarter and Nine Months Ended September 30, 2014; Provides Capital Expenditure Guidance for the Full Year of 2014 and 2015
Oct 29 14
NOVA Chemicals Corporation announced consolidated unaudited earnings results for third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue of $1,427 million, operating profit $370 million, profit before income taxes of $348 million, profit for the period of $259 million, cash provided by operating activities of $423 million compared to the revenue of $1,263 million, operating profit of $207 million, profit before income taxes of $162 million, profit for the period of $120 million, cash provided by operating activities of $221 million for the same quarter a year ago. The quarter-over-quarter increase in net income was primarily due to higher margins in all business segments and lower finance costs, partially offset by higher income tax expense.
For the year to date, the company reported revenue of $4,096 million, operating profit of $951 million, profit before income taxes of $901 million, profit for the period of $671 million, cash provided by operating activities of $789 million compared to the revenue of $3,884 million, operating profit of $784 million, profit before income taxes of $665 million, profit for the period of $506 million, cash provided by operating activities of $638 million for the same period a year ago. The increase in net income was primarily due to higher margins in the Polyethylene segment and lower finance costs, partially offset by lower margins in the Joffre Olefins and Corunna Olefins segments and higher income tax expense. During the third quarter and the first nine months of 2014, the capital expenditures continue to increase primarily due to continued spending on the NOVA 2020 growth projects.
The company expects full year 2014 capital expenditures to be approximately $700 million.
Capital expenditures for 2015 are now expected to be around $850 million.
NOVA Chemicals Corporation Announces Executive Changes
Oct 28 14
NOVA Chemicals Corporation announced that Naushad Jamani has been named Senior Vice President Olefins and Feedstock, effective January 1, 2015, replacing Grant Thomson who will be retiring at the end of the year 2014. Mr. Jamani will become a member of the NOVA Chemicals Management Board. Mr. Jamani has nearly 35 years at NOVA Chemicals with roles in various engineering and commercial segments of the business. He is currently responsible for the acquisition of all feedstock for the Corunna, Ontario facility as well as sales and marketing of all NOVA Chemicals olefins products.
NOVA Chemicals Corporation Announces Pricing of Private Offering of $500 Million of Senior Notes Due 2025
Oct 20 14
NOVA Chemicals Corporation announced the pricing of the private offering of $500 million of senior notes due 2025. The senior notes will have an interest rate of 5% per annum and are being issued at a price of 100% of their face value. The closing of the offering of the senior notes is expected to occur on October 28, 2014, subject to customary closing conditions. The company plans to use the net proceeds of the offering to redeem its existing $350 million in aggregate principal amount of 8.625% Senior Notes due 2019 on November 3, 2014, and to pay the fees and expenses associated therewith. The remaining net proceeds will be used for general corporate purposes. The senior notes will be issued in reliance on the exemption from the registration requirements provided by Rule 144A and Regulations of the United States Securities Act of 1933, as amended.
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