Posted AT 2:56 PM EST on 02/12/08
Nova Chemicals cutting spending to weather slump
TORONTO — — Nova Chemicals said Tuesday that it plans to cut capital spending for the rest of this year and through 2009 as it tries to cope with a crushing downturn in the global economy.
The Canadian maker of ethylene, polyethylene and styrene expects 2008 expenditures to total $160-million (U.S.), down dramatically from its original target range of between $200-million and $225-million.
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