Chevron Phillips Chemical to acquire Nova Chemicals Corporation in a $15 bn deal

| June 21, 2019

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Advancement in technology has resulted in huge impacts on the environment. Some of the impacts are positive while others are severely negative. Some of the products that have affected the environment negatively are plastic. However, undeterred by the new push for a war on plastics, joint venture Chevron Phillips Chemical Company LP has proposed a bid for Nova Chemicals Corp for $15 billion. The news was published by Reuters on June 20. Nova Chemicals Corporation is owned by United Arabs Emirate’s state-owned Abu Dhabi’s Mubadala Investment Co. The plastics manufacturer is located in Canada and registered annual sales of $3.8 billion as of 2017. The company manufactures polyethylene, ethylene, chemical co-products, expandable polystyrene. Nova’s expendable polystyrene segment (EPS) mainly features in the manufacture of plastic cups and containers. That makes the company a target to environmental activists that have singled out disposable foodservice items as a hazard to the environment. According to Reuters, Mubadala Investment Co has always been actively searching for a buyer since the start of the year.

Spotlight

Amneal Pharmaceuticals

Amneal Pharmaceuticals is the fifth largest generic pharmaceutical manufacturer in the United States and the fastest growing generic company globally, according to IMS Health. Founded in 2002 in the United States by brothers Chirag and Chintu Patel, the company has since grown to include offices in Australia, Europe and Asia. Amneal’s diversified portfolio includes high quality complex dosage forms, such as liquids, topicals, transdermals, injectables, and inhalation products. As Amneal continues to experience unprecedented growth, its focus on quality, superb service levels, and building strong relationships holds firm and stands as testament to the strength of its reputation.

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Spotlight

Amneal Pharmaceuticals

Amneal Pharmaceuticals is the fifth largest generic pharmaceutical manufacturer in the United States and the fastest growing generic company globally, according to IMS Health. Founded in 2002 in the United States by brothers Chirag and Chintu Patel, the company has since grown to include offices in Australia, Europe and Asia. Amneal’s diversified portfolio includes high quality complex dosage forms, such as liquids, topicals, transdermals, injectables, and inhalation products. As Amneal continues to experience unprecedented growth, its focus on quality, superb service levels, and building strong relationships holds firm and stands as testament to the strength of its reputation.

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