NatureWorks Secures Historic Financing from Krungthai Bank for New Ingeo PLA Manufacturing Facility in Thailand

NatureWorks Secures Historic Financing from Krungthai Bank for New PLA Manufacturing Facility in Thailand

In a groundbreaking move, NatureWorks, a leading manufacturer of polylactic acid (PLA) biopolymers, has secured a historic financial support from Krungthai Bank PCL for its new fully-integrated Ingeo PLA manufacturing facility in Thailand. The $350 million USD financing, one of the largest loans in the bank’s history, underscores the confidence in NatureWorks’ market leadership and global economic impact.

The signing ceremony, attended by executives from both companies, marks a significant milestone in the development of the new manufacturing facility, which is set to open in 2025. The facility will play a key role in supporting Thailand’s ambitious Bio-Circular-Green (BCG) strategy, leveraging technology and the country’s biological diversity to drive a more sustainable and innovation-driven economy.

Krungthai Bank’s funding of NatureWorks’ new manufacturing facility aligns with its commitment to sustainable finance solutions and ESG values. The facility will focus on producing Ingeo PLA biopolymer, a biobased material used in various plastic and fiber applications, with the aim of advancing Thailand’s BCG economy.

Erik Ripple, President and CEO of NatureWorks, expressed his gratitude for the support from Krungthai Bank, highlighting the importance of expanding access to biobased biomaterials in global markets. The new facility, located at the Nakhon Sawan Biocomplex, will benefit from the region’s strong agricultural base and proximity to locally sourced sugarcane feedstock.

Suratun Kongton, Chief Wholesale Banking Officer of Krungthai Bank, emphasized the bank’s role in driving the transition to a global bioeconomy and supporting companies like NatureWorks that are at the forefront of biomaterial manufacturing. The funding will not only enable NatureWorks to expand its international customer base but also create new opportunities for sugarcane farmers in the Nakhon Sawan region.

The new manufacturing facility, designed to be a fully-integrated PLA complex, will have an annual capacity of 75,000 tons of Ingeo biopolymer. It will cater to the growing demand for bioplastics in the Asia Pacific region, with applications in 3D printing, nonwovens, flexible packaging, and more. Construction is progressing on schedule, with full production expected to commence in 2025.

This investment represents a significant step forward for NatureWorks, Cargill, and GC in their joint commitment to environmentally friendly bio-chemicals and biomaterials. With the support from Krungthai Bank, NatureWorks is poised to lead the way in the global bioplastics market and drive innovation in biobased solutions.

For more updates on NatureWorks’ expansion and advancements in bioplastics, visit their website or follow them on social media platforms.