Thailand’s PTT Chemical invests $150 million in NatureWorks in US

Thailand’s PTT Chemical invests $150 million in NatureWorks in US

4:05 AM, 13th October 2011
Thailand’s PTT Chemical invests $150 million in NatureWorks in US
Veerasak Kositpaisal, President and CEO, PTT Chemical.

 

MINNETONKA, US: NatureWorks LLC announced that Thailand’s largest chemical producer, PTT Chemical Public Company Limited is investing $150 million in NatureWorks. NatureWorks supplies its broad family of renewable Ingeo biopolymers made from plants to plastics and fibre markets worldwide. PTT Chemical’s investment in NatureWorks, until now wholly owned by Cargill, is subject to regulatory approval.

“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,” said Marc Verbruggen, President and CEO, NatureWorks.

“PTT Chemical’s investment supports NatureWorks intent to globalize 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,” added Verbruggen.

“PTT Chemical reinforces NatureWorks’ leadership position and proven track record in bringing cost effective biopolymer innovations to the global marketplace,” said Veerasak Kositpaisal, President and CEO, PTT Chemical.

“NatureWorks is currently the forefront producer of bio-based products with commercially viable production volumes, competitive costing and a global customer base. Our investment in the company and its Ingeo technology platform for plastics and fibre is in line with our long-term strategic green growth and diversification objectives,” added Kositpaisal.

“Ingeo offers the performance of conventional plastics and fibre with a fraction of the greenhouse gas emissions and lower non-renewable energy requirements,” explained Kositpaisal.

Over the past several years, NatureWorks has seen steady 25- to 30-percent increases in annual product demand. In the last two years, NatureWorks doubled its Ingeo supply availability by bringing online additional production capacity at its Blair, processing facility. “The proposed new Ingeo facility in Thailand would be NatureWorks’ second production plant,” added Verbruggen.

(C) WOC News

 

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