NatureWorks Nets Investment From PPT Chemical For Ingeo™ Plant In Thailand
Minnetonka, Minn.-based NatureWorks LLC reports it has received a $150 million investment from
Thailand-based PTT Chemical Public Co. Ltd. toward the construction of an Ingeo™ plant in Thailand.
The plant would be NatureWorks' second production facility for the biopolymer, which is used in
various fiber and plastic products including apparel, home textiles, hygiene products, packaging
and food service-ware. Current plans have the plant entering production sometime in 2015.
"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 demonstrates a significant milestone in moving Ingeo bio-based plastics and fibers to the polymer mainstream."
"NatureWorks is currently the forefront producer of bio-based products with commercially viable production volumes, competitive costing and a global customer base," said Veerasak Kositpaisal, president and CEO, PTT Chemical. "Our investment in the company and its Ingeo technology platform for plastics and fibers is in line with our long-term strategic green growth and diversification objectives."
"The Thai government encourages an investment in green chemicals, and particularly bioplastics, which have high growth potential in the Southeast Asian market," said Pichai Naripthaphan, Thailand's minister of energy H.E. "By attracting what could be the most advanced biopolymer processing plant in the world to Thailand, PTT Chemical has made a significant step in achieving Thailand's strategic objectives of becoming a regional hub for green technologies and solutions."
October 18, 2011