It’s 12 midnight and my school exam Tuesday night was not exactly pretty so here I am scanning news reports (because I can’t sleep) and I saw this one from Thailand-based The Nation about PTT Chemical reportedly buying 50% of NatureWorks for $150m (Baht 4.6bn).
The blog already reported rumors of this floating around a couple of weeks ago but I actually got an email from NatureWorks Tuesday morning about a possible big news coming from them Wednesday morning. Of course, no details were disclosed by NatureWorks but with my googling expertise, I saw this news from ThaiPR.net about PTTCH and NatureWorks’ press conference scheduled today (1p-2:30p Bangkok time) in Hotel Plaza Athenee Royal Meridien for their formal signing ceremony of the joint venture.
We will hopefully have more details today in an interview with NatureWorks (and also hopefully with PTTCH later this week), which I am planning to write for ICIS Chemical Business’ October 24 issue.
Meanwhile, according to The Nation article, PTTCH and Cargill are planning to build a 150,000 tonne/year polylactic acid (PLA) plant in Thailand, which would cost about $300m. Plans for the new facility is expected to be finalized by early next year.