Issue Date: July 6, 2009
Cargill Buys Out Teijin Stake
Cargill is purchasing the 50% stake in the NatureWorks joint venture held by its partner Teijin, giving the agricultural giant full ownership of the polylactic acid polymer business. Teijin purchased its interest in the partnership in 2007, but is now restructuring its portfolio. Business prospects for the corn-derived polymer have been strong, NatureWorks’ CEO Marc Verbruggen says. “While the economic downturn slowed sales growth, we still show growth, which can’t be said of many conventional materials today.” NatureWorks began as a joint venture between Dow Chemical and Cargill in the late 1990s. Dow sold its interest to Cargill in 2005.
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