One of the largest and unique loans in the bank's decades-long history supports Thailand's ambitious Biocircular Green (BCG) strategy
Plymouth, MN, May 15, 2024–(BUSINESS WIRE)–NatureWorks, a leading manufacturer of polylactic acid (PLA) biopolymers made from renewable resources, today announced that Krungtai Announcing historic financial support from Bank PCL. Facility in Thailand. The loan worth $350 million (equivalent to 12.6 billion baht) from Krungthai Bank, Thailand's third largest bank, is uniquely one of the largest in the bank's decades-long history. Demonstrates confidence in NatureWorks' market leadership and impact on the global economy. Today, both companies participated in a signing ceremony to celebrate this milestone.
Krungthai Bank has funded NatureWorks' state-of-the-art manufacturing facility for Ingeo PLA biopolymer, a bio-based material used in plastics and textile applications, aligned with ESG values and sustainable financial solutions. This funding will support the construction and continued operation of the factory. NatureWorks was selected because it is a market leader in defining bioplastic technologies and how their solutions advance Thailand's bio-circular green (BCG) economy. BCG leverages technology and Thailand's biodiversity to create a more sustainable, innovation-driven, values-based economy.
“This support from Krungthai Bank not only validates our strategic global position within Thailand and the Asia-Pacific region, but also positions us for continued expansion to support the global bioeconomy. “Eric Ripple, president and CEO of NatureWorks, said. “This funding will enable us to expand international customer access to fully bio-based, low-carbon biomaterials with unique performance properties that are valued in downstream packaging and textile markets globally. It will be.”
NatureWorks' second facility will be located at the Nakhon Sawan Biocomplex, Thailand's first biocomplex established according to the BCG economic model. The region has a strong agricultural base and can supply a rich supply of locally available raw materials in the form of sugarcane. NatureWorks chose this location because of its proximity to sugarcane cultivation, established infrastructure for processing cane into sugar feedstock for the fermentation process, and availability of utilities needed to operate the plant. .
“Thailand is a regional and global leader in driving the development of a global bioeconomy, and commercial banks play a key role in driving this transition,” said Krung Thai Bank Chief Wholesale Banking Officer. Mr. Slatung Konthong, a member of the “We funded NatureWorks because it is a world leader in biomaterials manufacturing and meets the requirements to advance our country's BCG model, address climate change and move towards a circular economy. Consistent with our commitment to accelerate the transition, NatureWorks will also create value-added downstream opportunities for existing sugarcane farmers in the Nakhon Sawan region.”
“This investment is monumental for NatureWorks, Cargill and GC as we advance our joint commitment to green biochemicals and biomaterials in the face of growing global demand,” said Chairman of the NatureWorks Board of Directors. said Naronsak Jivakanun, CEO of PTT Global Chemical. Public Company Limited (GC). “With the funding from Krungthai Bank for NatureWorks’ new PLA manufacturing facility, NatureWorks will continue to remain competitive in the biomaterials market, explore new frontiers in bioplastics applications, and expand our growing customer base across Asia.” We will advance bio-based solutions with sufficient capacity to capture the needs of the Pacific bioeconomy. ”
The new manufacturing facility is designed to be a fully integrated PLA complex, including production sites for lactic acid, lactide and polymers. Ingeo Biopolymers has an annual production capacity of 75,000 tons and produces the full portfolio of Ingeo grades, including 3D printing, sanitary nonwovens, compostable coffee capsules, tea bags, flexible packaging, and compostable food service supplies. The Ingeo biopolymer produced at the site is made from sugarcane sourced from farms within a 50-kilometre radius of the Nakhon Sawan site. Construction is on track to support planned start-up activities and full production in 2025.
To follow NatureWorks as it continues to advance the global expansion of bioplastics, visit natureworksllc.com or follow the company on LinkedIn. X (Formerly Twitter).
About NatureWorks
NatureWorks is an advanced materials company offering a broad portfolio of biopolymers and biochemicals made from renewable resources. Naturally evolved with performance and economics that compete with petroleum-based materials, Ingeo™ biomaterials are recognized for their unique functional properties and are used in products from coffee capsules and utensils to tea bags and 3D printing filaments. It is used in NatureWorks is jointly owned by GC, Thailand's largest integrated petrochemical and refining company in ASEAN, and Cargill, a global provider of food, agricultural, financial and industrial products and services.
About Krungthai Bank
Krungthai Bank, Thailand's leading commercial bank, is committed to leveraging technological advancements and financial innovation to improve the lives of its customers by providing services on a universally accessible digital platform. . This accessibility has helped the platforms Krungthai NEXT, Paotang, and Tung-Gern expand their customer bases, which currently boast 17.8 million, 40 million, and 2 million customers, respectively. The bank's financial services span his five ecosystems: government, payments, education, public transportation, and healthcare. Additionally, we place great emphasis on environmental, social, and governance (ESG) considerations in our business activities. This is in line with the institution's commitment to addressing the United Nations Sustainable Development Goals and promoting sustainable banking.
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