Borealis completed the acquisition of Novealis Joint Venture from NOVA Chemicals.

Borealis, an Austrian chemical company, completed the acquisition of Novealis Joint Venture from NOVA Chemicals. Formed in 2018, Novealis is the joint venture between affiliates of Borealis and NOVA Chemicals, which subsequently formed a 50/50 joint venture with an affiliate of Total to launch Bayport Polymers in Houston, Texas, US. Financial terms were not disclosed. “This acquisition supports our global growth ambitions. Acquiring NOVA Chemicals’ share in Novealis will allow us to further increase our footprint in North America, enabling us to better serve our customers in this region with our value-add Borstar technology and its related products,” Alfred Stern, Borealis CEO.