NatureWorks LLC, a Minnetonka, MN-based bioplastics manufacturer, has received a US$150m investment from Thailand’s largest chemical producer, PTT Chemical Public Company Limited.
NatureWorks, which has been wholly owned by Cargill until now, supplies its broad family of renewable Ingeo™ biopolymers made from plants to plastics and fibers markets worldwide. The investment, which is still subject to regulatory approval, is expected to allow the company to expand its capacity to meet global demand for its bio-based products.
Led by president and CEO Marc Verbruggen, NatureWorks intends to build a new production facility in Thailand, which follows the one the company operates in Blair, NE.
More than 100 consumer brands and retailers in the United States, Europe and Asia currently offer Ingeo based product innovations in categories including flexible and rigid packaging, food service-ware, durable consumer products, apparel, home textiles and personal care and hygiene products.