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Teijin transfers 50% ownership in NatureWorks back to Cargill

By Gerald Ondrey |

Teijin Ltd. (Tokyo; www.teijin.co.jp) announced today that it had transferred its 50% ownership in NatureWorks LLC back to Cargill and terminated the joint-venture (JV) contract with Cargill regarding NatureWorks as of June 30. NatureWorks, established in 1997 and operated as a Teijin-Cargill 50:50 JV since October 2007, produces its Ingeo biopolymer at the world’s largest commercial polylactic acid (PLA) manufacturing facility with an annual capacity of 140,000 tons. Teijin, which is currently proceeding with a business portfolio restructuring in response to the global economic downturn, has made the decision to focus its corporate resources on technological and commercial development of Biofront, its proprietary heat-resistant PLA plastic and accordingly  transferred its ownership back to Cargill as a result of shift in emphasis. NatureWorks, which has reverted to being a wholly owned company by Cargill, operates business-as-usual under the leadership of current CEO Marc Verbruggen with prospects for continued growth. The financial impact of the ownership transfer was included in Teijin’s fiscal 2008 (ended March 31, 2009) results, and will have no impact in the current fiscal year. As a key issue in…
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