Ineos Nova imposes second polystyrene price hike of 2009
Josh Brooks, packagingnews.co.uk, 01 May 2009
Polymer group Ineos Nova has announced a EUR65/tonne increase in the price of all polystyrene products in Europe, its second increase of the year.
In a brief statement on Friday (1 May), the Swiss group, which specializes in styrene and styrenic polymers, said that the price rise would be effective immediately.
In its statement, the company blamed rising input costs for the decision. ’Ineos Nova needs to restore an acceptable margin on its business as the cost of raw materials and utilities has increased significantly over the last months,’ it said.
The rise is the second in 2009, after a EUR75/tonne hike was introduced in January. At the time, the company blamed the rising cost of feedstock, especially benzene, ethylene and styrene, for the increase. It also raised prices twice in 2008
Ineos Nova makes styrenic polymers for a range of industries including packaging and construction. The company was formed in 2007 as a joint venture between Ineos and Nova Chemicals.
