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MINNEAPOLIS and TOKYO - Technology group Teijin Ltd., which counts among its range of products synthetic fibers, signed a joint venture agreement with Cargill to acquire a 50 percent stake in its wholly owned NatureWorks subsidiary.
The deal will aim to accelerate both the global growth and product expansion of NatureWorks, a biopolymer made from 100 percent renewable resources.
"Teijin's downstream application knowledge in fibers, films and plastic compounds will be of immeasurable value as we grow production at our Blair, Nebraska facility and consider additional expansion in the fast-growing global marketplace," said Cargill vice chairman Guillaume Bastiaens. "NatureWorks will greatly benefit from Teijin's expertise in technology and end-use application development."
Under its strategy to develop bio-friendly chemical technology and related solutions, Teijin intends to leverage its expertise in applications for fibers, films and plastic compounds with the NatureWorks biopolymer.
NatureWorks LLC's headquarters and management team will remain in Minnetonka, Minn., and no changes in senior management are anticipated after the deal is approved pending regulatory approvals.