News Column

BRIEF: Nova Chemicals profits surge

February 27, 2014

By Joyce Gannon, Pittsburgh Post-Gazette



Feb. 27--Nova Chemicals said 2013 fourth-quarter and full-year profits surged primarily because of higher margins in its polyethylene business that makes plastics used in consumer and industrial packaging.

Profit in the fourth quarter jumped to $152 million, from $53 million in the fourth quarter of 2012. Revenues were $1.4 billion, up from $1.1 billion in the 2012 fourth quarter.

For the full year 2013, profits rose by 24 percent, to $658 million from $531 million in 2012. Annual revenues were $5.3 billion, up from $5.1 billion in 2012.

Based in Calgary, Canada, Nova has its executive operations center in Moon and a plant in Monaca. Most of its operations are in Canada.

In December, Nova began using ethane from the Marcellus Shale to feed a plant in Corunna, Ontario.

Joyce Gannon: jgannon@post-gazette.com or 412-263-1580.

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Source: Pittsburgh Post-Gazette (PA)


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