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International Petroleum Investment Co., which is run by the Middle East nation's government, will now pay $6 per share in cash to holders of Nova shares. The $500 million deal, announced in April, also means International Petroleum will assume about $1.8 billion in Nova debt.
Nova Chemicals employs more than 500 people between its headquarters in Moon and plant in Monaca, Beaver County. The company produces chemicals and plastics for the automobile and construction markets.
Company president Christopher Pappas said in April the new owners would remain committed to Pittsburgh, noting its proximity to major markets in the East and Midwest.
Nova, however, is eliminating nearly 45 jobs at its Beaver County plant, which will stop making a resin often used in automobile instrument panels and consoles.
The company had said it will stop making its Dylark resin sometime in this quarter because of economic problems in the automobile industry.
Officials could not be reached yesterday for further comment.
Nova, which is incorporated in Canada, received its final regulatory approval from Ottawa yesterday.
The company moved to Pittsburgh from Alberta in 1999. It has 16 plants in the United States, Canada and Chile, and employs about 2,700 worldwide.
The International Petroleum deal is expected to formally be completed on Monday.
Thomas Olson can be reached via e-mail or at 412-320-7854.
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