Home / Knowledge / News / Textiles / Cargill acquires NatureWorks from Teijin
Cargill acquires NatureWorks from Teijin
02
Jul '09
Teijin Limited announced that it had transferred its 50% ownership in NatureWorks LLC back to Cargill and terminated the joint-venture contract with Cargill regarding NatureWorks as of June 30.

NatureWorks, established in 1997 and operated as a Teijin-Cargill 50:50 joint venture 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 promoting sustainable environment initiatives, Teijin has been working on the development of materials using renewable resources in place of oil. Considering the possibility that the importance of bioplastic will increase more than ever in the coming years, the company will continue to focus on the bioplastic business for overall market expansion. Teijin believes that cooperative efforts among industry players are essential for continued market expansion going forward and intends to maintain cooperative relations with NatureWorks and Cargill, which share the same belief.

Teijin is a global technology-driven group operating in five main fields: synthetic fibers; films and plastics; pharmaceuticals and home health care; trading and retail; and IT and new products. Teijin Limited, the holding company for the Teijin Group, is listed on the Tokyo and Osaka stock exchanges. The group had consolidated sales of USD 9.4 billion (JPY 943.4 billion, USD 1=JPY 100) in fiscal 2008 and employs approximately 19,000 people in 160 companies worldwide .

Cargill Incorporated

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search