PTT Chemical’s investment in NatureWorks, until now wholly owned by Cargill, is subject to regulatory approval.
Marc Verbruggen, president and CEO of NatureWorks, said: “This is a significant investment by a leading chemical company, which will allow NatureWorks to continue its aggressive growth while expanding its capacity to meet global demand for bio-based products. PTT Chemical’s investment demonstrates a significant milestone in moving Ingeo bio-based plastics and fibres to the polymer mainstream.
“PTT Chemical’s investment supports NatureWorks intent to globalise its Ingeo manufacturing capability by building a new production facility in Thailand, supporting our Asian customer base and delivering on our commitment to renewable feedstock diversification. We anticipate bringing the new plant online in 2015 and expect to announce further details on this expansion later this year.”
Veerasak Kositpaisal, president and CEO of PTT Chemical, said: “PTT Chemical reinforces NatureWorks’ leadership position and proven track record in bringing cost effective biopolymer innovations to the global marketplace. NatureWorks is currently the forefront producer of bio-based products with commercially viable production volumes, competitive costing and a global customer base.
“Ingeo offers the performance of conventional plastics and fibres with a fraction of the greenhouse gas emissions and lower non-renewable energy requirements. Because it is made from renewable plant material, Ingeo has inherently more stable pricing, contrasting sharply to the massive price swings observed from fossil based polymers.”
Over the past several years, NatureWorks has seen steady 25-30% increases in annual product demand.
Source: Cargill
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