NatureWorks, BioAmber form JV to develop bioplastics
In a joint venture designed to expand the property range of bioplastics, biopolymer supplier NatureWorks LLC and chemical producer BioAmber Inc. have created a new company called AmberWorks.
With the formation of the JV, NatureWorks plans to commercialize a new family of its compounded “Ingeo” resin grades designed for food service ware applications; also, compounded PLA/PBS resin grades, developed and manufactured by AmberWorks, will be marketed exclusively through the NatureWorks global commercial organization.
“The AmberWorks JV builds on BioAmber’s core business: the production of cost competitive, renewable chemicals that include succinic acid and 1,4-butanediol,” said Jean-Francois Huc, president and CEO of BioAmber, which has offices in Montreal and Minneapolis, Minn. “Our novel PBS compounding technology has enabled us to forward integrate into polymers and our partnership with NatureWorks, the global market leader in biopolymers, will strengthen and accelerate market access for our growing portfolio of renewable solutions.”
The JV is the latest in a series of moves for Minnetonka, Minn.-based NatureWorks. In October 2011, Thailand’s largest chemical producer, PTT Chemical Public Company Limited, entered into an agreement to make a US$150 million equity investment in the company.