Cargill Acquires NatureWorks

MINNEAPOLISCargill will assume full ownership of NatureWorks LLC, as part of Teijin Limited's general portfolio restructuring in response to the global economic downturn. Previously a 50-50 joint venture, NatureWorks is now an independent company wholly owned by Cargill.

NatureWorks, maker of Ingeo biobased plastics and resins derived from annually renewable resources, had operated as a Cargill-Teijin joint venture since October 2007. Teijin and Cargill officials indicated they are dissolving the joint venture in a friendly manner and intend to maintain close relations.

The ownership transfer will not affect day-to-day operations at NatureWorks. Cargill officials said establishing the business as an independent, wholly owned Cargill entity provides NatureWorks with the flexibility to pursue a wide range of opportunities.

"The green product space is ripe for investment and expansion as never before," said Cargill Senior Vice President Paul Conway. "As a green pioneer, NatureWorks is well established with a broad product and customer base. While others put up pilot plants, NatureWorks has been commercial for six years, is increasing Ingeo production availability at its first facility and exploring possibilities for a second plant. We've rounded the first turn while others are at the starting gate."