MINNEAPOLIS—Cargill will assume full ownership of NatureWorks LLC, as part of Teijin Limited's general portfolio restructuring in response to the global economic downturn. Previously a 50-50 joint venture, NatureWorks is now an independent company wholly owned by Cargill.
NatureWorks, maker of Ingeo™ biobased plastics and resins derived from annually renewable resources, had operated as a Cargill-Teijin joint venture since October 2007. Teijin and Cargill officials indicated they are dissolving the joint venture in a friendly manner and intend to maintain close relations.
The ownership transfer will not affect day-to-day operations at NatureWorks. Cargill officials said establishing the business as an independent, wholly owned Cargill entity provides NatureWorks with the flexibility to pursue a wide range of opportunities.
"The green product space is ripe for investment and expansion as never before," said Cargill Senior Vice President Paul Conway. "As a green pioneer, NatureWorks is well established with a broad product and customer base. While others put up pilot plants, NatureWorks has been commercial for six years, is increasing Ingeo™ production availability at its first facility and exploring possibilities for a second plant. We've rounded the first turn while others are at the starting gate."