Nova Chemicals (Calgary, Alberta / Canada; www.novachem.com) has signed a letter of intent with insulating building products specialist PFB Corporation (Calgary, Alberta / Canada; www.pfbcorp.com) for the sale of its Performance Styrenics business, including its expandable polystyrene (EPS) and “Arcel” resins. The two companies said they expect to conclude definite agreements in Q2 this year, following approval from the respective boards and shareholders, with the final deal expected to close in H2 2012.

Financial details of the agreement were not disclosed, although the companies did say that once the agreement is finalised, Robert Snyder, vice president of Nova Chemicals’ Performance Polymers unit, will join PFB subsidiary PFB International Corporation as chief operating officer.

PFB said the acquisition would strengthen its North American subsidiary, PFB America Corporation, making it a fully vertically-integrated company specialised in construction materials as is true of its Canadian subsidiary, Plasti-Fab.