Sales slide drags down profit at Nova Chemicals
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Nova Chemicals Corp. said third-quarter profit fell 29 percent and sales slid 18 percent mainly because of declines in its segment that makes plastics used in consumer and industrial packaging materials.
Nova's operations are primarily in Canada and it has an executive center in Moon.
Profit was $107 million, down from $150 million a year ago. Sales dropped to $1.19 billion from $1.45 billion in the year-ago quarter.
The company plans to close by the end of the year on the sale of a facility in Monaca, Beaver County, to PFB International of Calgary. The Monaca plant produces plastic resins.
First Published November 1, 2012 9:30 am