PTT Acquires stake in NatureWorks

Thailand’s PTT Chemical is investing $150 million in polylactic acid (PLA) plastics and fiber maker NatureWorks, now a wholly owned subsidiary of Cargill. The investment will give PTT a 50% stake in the company, which operates a 140,000-metric-ton-per-year plant in Blair, Neb., that makes PLA from corn-derived sugars. With the acquisition, NatureWorks has selected Thailand as the location of its second PLA plant, which it plans to complete by 2015. NatureWorks started out in 1997 as a joint venture between Cargill and Dow Chemical, which sold its share to Cargill in 2005. Japan’s Teijin bought a 50% stake in 2007 but sold it back to Cargill in 2009. PTT has been keen on bringing green chemistry to Thailand.