Cargill-Teijin JV to accelerate NatureWorks global sales
05 Oct '07
3 min read
"We are very impressed with Cargill's long-term commitment to NatureWorks PLA polymers and other biobased products," said Toru Nagashima, president and CEO of Teijin.
"NatureWorks LLC is a perfect fit with our strategy of pursuing strategic investments to take our environmental management technologies global. We look forward to growing our global PLA polymer business through this partnership."
Since 2005, NatureWorks has recorded triple digit volume growth, with more than 100 leading brands & retailers in the US, Europe and Asia currently showcasing product innovations in flexible & rigid fresh food packaging, durable consumer articles, beverage packaging, apparel, home textile, personal care and hygiene applications marketed under the Ingeo brand.
"Today's announcement marks another milestone for the world's first and largest commercial biopolymer manufacturer," said NatureWorks CEO Dennis McGrew. "Teijin sought to invest in NatureWorks because it recognized our leadership in an area important to them and to their customers."
"Cargill agreed to partner with Teijin because it recognized the opportunity to tap into the expertise and global reach of one of the world's leading polymer companies. There is no more compelling combination anywhere in our industry."
NatureWorks LLC's headquarters and management team will remain in Minnetonka, Minn. No changes in senior management are anticipated.
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