Cargill Acquires Full Ownership of NatureWorks

Foods and agricultural firm Cargill has assumed full ownership of NatureWorks, a manufacturer of polymers derived from renewable resources, and will operate it as an independent company. NatureWorks, which produces Ingeo bio-based plastics and resins, has operated as a 50-50 joint venture between Cargill and Teijin Ltd. since October 2007. Cargill said in a statement the joint venture was dissolved as part of Teijins general portfolio restructuring in response to the global economic slowdown. The two firms intend to maintain close relations, the statement said. Cargill said the ownership change will not impact day-to-day operations at NatureWorks. The green product space is ripe for investment and expansion as never before, said Cargill Senior Vice President Paul Conway. 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. NatureWorks manufacturing facility is located in Blair, Nebraska.