Thailand's PTT Chem buys 50% stake in NatureWorks for $150m

12 October 2011 10:32  [Source: ICIS news]

SINGAPORE (ICIS)--Thailand’s PTT Chemical (PTTCH) said on Wednesday it has acquired a 50% stake in US-based polylactic acid maker NatureWorks from Cargill in a deal worth $150m (€110m).

US-based agribusiness major Cargill owns the remaining 50% share of NatureWorks.

“The investment in NatureWorks has been undertaken in accordance with the company’s long-term business plan,” PTTCH said in a filing to the Stock Exchange of Thailand.

“In addition, NatureWorks will provide the company with competitive advantage through its leadership in market and technology in biopolymer products,” PTTCH added.

NatureWorks runs a 140,000 tonnes/year polylactic acid (PLA) facility in Blair, Nebraska, and had announced in April this year it has plans to build another facility either in Thailand, Malaysia or Singapore.

Please visit the complete ICIS plants and projects database

By: Nurluqman Suratman

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