Seoul (KR) | Chicago (IL). (adm) LG Chem, a leading global diversified chemical company, and Archer Daniels Midland Company (ADM), a global leader in nutrition and biosolutions, announced that their previously announced projects for the production of lactic and polylactic acid will not move forward.
«Since we originally announced our two joint ventures with LG Chem for lactic and polylactic acid in 2022, construction costs have skyrocketed,» said Chris Cuddy, president of ADM’s Carbohydrate Solutions business. «We looked at a variety of options, but when the time came to make final investment decisions, it had become clear that these projects no longer represented a prudent use of our investors’ capital that would meet our returns objectives. ADM remains committed to leading in the decarbonization of the industries in which we participate, and we continue to expand our biosolutions portfolio to meet growing demand for sustainably sourced solutions. We also are continuing to advance multiple projects and facilities in support of innovation, jobs and economic growth for the Decatur region, the home of our North American headquarters and our largest manufacturing and employee location.»
The two joint ventures include GreenWise Lactic, of which ADM is a majority owner, and LG Chem Illinois Biochem, which is majority-owned by LG Chem.
(Photo: ADM – Archer Daniels Midland Company)
OTHER TOPICS FROM THIS SECTION FOR YOU:
- Wendy’s: Company plans to expand into Europe
- Delivery Hero: may face significant fine due to antitrust violations
- Emmi Group: intends to acquire Mademoiselle Desserts
- AB Foods: announces strong H1-2024 performance
- DSM-Firmenich: Queen Maxima inaugurates new dual head office
- RBI: Announces Investments to Drive Growth in China
- Europastry S.A.: puts its IPO process on hold
- McCormick: Reports Second Quarter Performance
- Reborn Coffee: Closes Master License Agreement for UAE
- General Mills: Reports Fiscal 2024 Fourth-Quarter Results
- SunOpta expands plant for processing plant-based beverages
- Britannia: Operating profit grew 10 percent in FY-2023
- Tate + Lyle and CP Kelco to merge to leading global player
- Ülker Bisküvi: announces Q1-2024 financial results
- Europastry: intends to go public on the Spanish stock exchange
- Europastry S.A.: publishes 2023 Annual Report
- Swisslog: announces new Americas region headquarters
- Reborn Coffee: Expanding Omni-Channel Strategy
- Mondelez International and Lotus Bakeries Join Forces
- La Lorraine: completes new joint venture in the USA
