Ineos Nova to shut Montreal polystyrene operation

CALGARY, Alberta Oct 10 (Reuters) - Ineos Nova will shut its Montreal polystyrene operation by the end of the year to cut costs and slash its production of the plastic by 6 percent, the joint-venture firm said on Wednesday.

Ineos Nova, controlled by Nova Chemicals Corp NCX.TO and Britain's Ineos, said the facility can produce up to 120 million pounds (55,000 tonnes) of polystyrene a year. It said in a release the operation has high costs and that it will move production to more efficient sites.