NOVA Chemicals and Dietrich Metal Framing Form Joint Venture to Produce New, Energy-Efficient Building Systems
20 Juillet 2006 - 8:34PM
Business Wire
NOVA Chemicals Corporation (NYSE:NCX) and Dietrich Metal Framing, a
Worthington Industries company (NYSE:WOR), today announced they
have formed a 50:50 joint venture that will develop and manufacture
durable, energy-saving composite construction products and systems.
The joint venture combines Dietrich's expertise in light-gauge
steel framing with NOVA Chemicals' expandable polystyrene (EPS)
technology to produce strong, efficient building systems for
residential and light commercial use. "We are very pleased to
partner with Dietrich, the industry leader in metal framing, to
introduce construction products that meet the growing demand for
durable, energy-saving structures that are also cost-effective to
build," said Tony Torres, vice president of NOVA Chemicals'
Building and Construction business. The joint venture's building
products will provide many advantages to building owners and
homeowners over traditional wood construction including lower
heating and cooling costs, improved strength and durability under
adverse weather conditions and resistance to termites and mold. The
joint venture's panelized composite building systems also are
expected to reduce labor costs and time-to-completion over
"stick-built" construction. "By combining the extensive experience
of NOVA Chemicals and Dietrich in manufacturing and construction,
we can offer innovative construction products that feature the
design advantages and strength of steel as well as the thermal and
sound insulation of EPS," said Ed Ponko, president of Dietrich
Metal Framing. The new joint venture is expected to be fully
operational by January 2007 and will have offices in Pittsburgh.
Andy Claypole, currently director of NOVA Chemicals' Building and
Construction business, will serve as president and general manager
of the new joint venture. "We are delighted to introduce
construction products that help builders stay competitive in a
dynamic and demanding marketplace - and help building owners reduce
ownership costs," said Claypole. Dietrich Metal Framing, a
Worthington Industries company (NYSE:WOR), operates 26
manufacturing locations throughout the U.S. and Canada. Dietrich is
the leading manufacturer of light-gauge metal framing and finishing
products, systems and services for commercial and residential
construction. Dietrich offers the largest selection of cold-formed
steel framing and drywall finishing products including drywall and
structural metal stud framing, contour flexible track framing,
floor joists, roof trusses, metal lath, fire-rated assemblies
including h-stud for area separation and CT studs for shaft walls.
Dietrich also offers one of the largest selection of clips and
connectors, numerous deflection systems including slotted slip
track and an extensive line of metal, vinyl and paper-faced corner
beads and trims. Worthington Industries is a leading diversified
metal processing company with annual sales of nearly $3 billion.
The Columbus, Ohio-based company is North America's premier
value-added steel processor and a leader in manufactured metal
products such as automotive aftermarket stampings, pressure
cylinders, metal framing, metal ceiling grid systems and
laser-welded blanks. Founded in 1955, the company operates under a
long-standing corporate philosophy rooted in the golden rule, with
earning money for its shareholders as the first corporate goal.
This philosophy, an unwavering commitment to the customer and one
of the strongest employer/employee relationships in American
industry, serves as the company's foundation. NOVA Chemicals
produces plastics and chemicals that are essential to everyday
life. The company develops and manufactures materials for customers
worldwide that produce consumer, industrial and packaging products.
NOVA Chemicals works with a commitment to Responsible Care(R) to
ensure effective health, safety, security and environmental
stewardship. NOVA shares are traded on the Toronto and New York
stock exchanges as NCX. Visit NOVA Chemicals on the Internet at
www.novachemicals.com. Safe Harbor Statement The company wishes to
take advantage of the Safe Harbor provisions included in the
Private Securities Litigation Reform Act of 1995 ("the Act").
Statements by the company, which are not historical information
constitute "forward looking statements" within the meaning of the
Act. All forward-looking statements are subject to risks and
uncertainties which could cause actual results to differ from those
projected. Factors that could cause actual results to differ
materially include risks described from time to time in the
company's filings with the Securities and Exchange Commission.
(Photographs are available upon request.) Responsible Care(R) is a
registered trademark of the Canadian Chemical Producers'
Association (CCPA) in Canada and is a registered service mark of
the American Chemistry Council (ACC) in the United States.
Nova Chemicals (NYSE:NCX)
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