{"id":144713,"date":"2024-05-28T07:37:00","date_gmt":"2024-05-28T05:37:00","guid":{"rendered":"https:\/\/renewable-carbon.eu\/news\/?p=144713"},"modified":"2024-05-23T12:19:24","modified_gmt":"2024-05-23T10:19:24","slug":"natureworks-ingeo-pla-manufacturing-expansion-attracts-record-financing-from-krungthai-bank-pcl-of-thailand","status":"publish","type":"post","link":"https:\/\/renewable-carbon.eu\/news\/natureworks-ingeo-pla-manufacturing-expansion-attracts-record-financing-from-krungthai-bank-pcl-of-thailand\/","title":{"rendered":"NatureWorks\u2019 Ingeo PLA Manufacturing Expansion Attracts Record Financing from Krungthai Bank PCL of Thailand"},"content":{"rendered":"\n\n
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Executives from NatureWorks and Krungthai Bank PCL finalized new financing for NatureWorks\u2019 new fully integrated Ingeo PLA manufacturing facility in Thailand which is on track to open in 2025.
Pictured from left: Roger Kempa, Interim CFO, NatureWorks; Erik Ripple, President & CEO, NatureWorks; Suratun Kongton, Chief Wholesale Banking Officer, Krungthai Bank; Saranya Assamongkol, EVP, Sector Head, Corporate Banking Sector 7, Krungthai Bank \u00a9 NatureWorks<\/figcaption><\/figure><\/div>\n\n\n

NatureWorks, a leading manufacturer of polylactic acid (PLA) biopolymers made from renewable resources, today announced the historic financial support from\u00a0Krungthai Bank PCL\u00a0to optimize the capital structure for the new fully-integrated Ingeo\u2122\ufe0f PLA manufacturing facility in Thailand. The financing from Krungthai Bank, Thailand\u2019s third largest bank, amounting to $350M USD (12,600M Baht Equivalent), is one of the singular largest loans in the bank\u2019s decades-long history and shows confidence in NatureWorks\u2019 market leadership and global economic impact. Today, the companies participated in a signing ceremony to celebrate this milestone.<\/strong>

In alignment with its ESG values and sustainable finance solutions, Krungthai Bank funded NatureWorks\u2019 newest manufacturing facility for Ingeo PLA biopolymer, a biobased material used in plastic and fiber applications. The funding will support the construction of the plant and its ongoing operations. NatureWorks was chosen because of its market leadership in defining bioplastic technologies and how those solutions will move Thailand’s Bio-Circular-Green (BCG) economy forward. BCG leverages technology and Thailand’s biological diversity to enable a more sustainable, innovation-driven, and values-based economy.<\/p>\n\n\n\n

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\u201cThis backing from Krungthai Bank not only validates our strategic global positioning within Thailand and the Asia Pacific region but propels us toward continued expansion to support the worldwide bioeconomy,\u201d said Erik Ripple, President and CEO of NatureWorks<\/strong>. \u201cThe funding will enable us to expand our international customer access to fully biobased, low-carbon biomaterials that feature unique performance attributes valued by global downstream packaging and fiber markets.\u201d<\/p>\n<\/blockquote>\n\n\n\n

NatureWorks\u2019 second facility will be located at the Nakhon Sawan Biocomplex, the first bio-complex in Thailand established in accordance with the BCG Economic Model. The area has a strong agricultural base that can provide an abundant, locally available feedstock in the form of sugarcane. NatureWorks chose the site for its proximity to where sugarcane is grown, with established infrastructure for processing sugarcane into a sugar feedstock for the fermentation process, and the availability of desired utilities for the plant\u2019s operation.<\/p>\n\n\n\n

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\u201cThailand is a regional and global leader in driving the development of a global bioeconomy, and commercial banks play a crucial role in driving this transition,\u201d said Suratun Kongton, Chief Wholesale Banking Officer of Krungthai Bank<\/strong>. \u201cWe\u2019ve provided NatureWorks with the financing because it is a world leader in manufacturing biomaterials, meets the requirements to drive our country\u2019s BCG model forward, and aligns with our commitments to address climate change and facilitate the transition to a circular economy. NatureWorks is also creating additional high-value downstream opportunities for existing sugarcane farmers in the Nakhon Sawan region.\u201d<\/p>\n\n\n\n

\u201cThis investment is monumental for NatureWorks, Cargill, and GC as it moves our joint commitment to environmentally friendly bio-chemicals and biomaterials forward at a time where global demand is increasing,\u201d said Narongsak Jivakanun, NatureWorks Board Chair, CEO of PTT Global Chemical Public Company Limited (GC)<\/strong>. \u201cWith this infusion of financial support from Krungthai Bank for NatureWorks\u2019 new PLA manufacturing facility, NatureWorks will continue to be competitive in the biomaterials market, pioneering new frontiers for bioplastic applications and advancing biobased solutions with sufficient capacity to capture customer needs across the growing Asia Pacific bioeconomy.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The new manufacturing facility is designed to be a fully-integrated PLA complex, including production sites for lactic acid, lactide, and polymer. With an annual capacity of 75,000 tons of Ingeo biopolymer, it will produce the full portfolio of Ingeo grades and support the rapid market growth across many markets in the Asia Pacific region, including 3D printing, nonwovens for hygiene, compostable coffee capsules, tea bags, flexible packaging, and compostable food serviceware. Ingeo biopolymers produced at this site will be made from sugarcane sourced from farms within a 50-kilometer radius of the Nakhon Sawan site. Construction is on track to support projected start-up activities and full production in 2025.

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About NatureWorks<\/strong><\/h3>\n\n\n\n

NatureWorks is an advanced materials company offering a broad portfolio of biopolymers and biochemicals made from renewable resources. With performance and economics that compete with oil-based materials, naturally advanced Ingeo\u2122 biomaterials are valued for their unique functional properties and used in products from coffee capsules and appliances to tea bags and 3D printing filament. NatureWorks is jointly owned by Thailand\u2019s largest ASEAN leading integrated petrochemical and refining company, GC, and Cargill, which provides food, agriculture, financial and industrial products and services to the world.<\/p>\n\n\n\n

<\/a>About Krungthai Bank<\/h3>\n\n\n\n

Krungthai Bank, a leading commercial bank in Thailand, is fully committed to harnessing technological advancements and financial innovations to enhance its customers\u2019 lives by offering services on digital platforms that are accessible to everyone. This accessibility has contributed to a growing customer base for its platforms\u2014Krungthai NEXT, Paotang, and Tung-Ngern\u2014which currently boast 17.8 million, 40 million, and 2 million customers, respectively. The bank\u2019s financial services extend across five ecosystems: government, payment, education, mass transit, and healthcare. Additionally, it places a high priority on environmental, social, and governance (ESG) considerations in its business practices. This aligns with its commitment to addressing the United Nations\u2019 Sustainable Development Goals and promoting sustainable banking practices.<\/p>\n","protected":false},"excerpt":{"rendered":"

NatureWorks, a leading manufacturer of polylactic acid (PLA) biopolymers made from renewable resources, today announced the historic financial support from\u00a0Krungthai Bank PCL\u00a0to optimize the capital structure for the new fully-integrated Ingeo\u2122\ufe0f PLA manufacturing facility in Thailand. The financing from Krungthai Bank, Thailand\u2019s third largest bank, amounting to $350M USD (12,600M Baht Equivalent), is one of […]<\/p>\n","protected":false},"author":59,"featured_media":144755,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","nova_meta_subtitle":"One of the singular largest loans in the bank\u2019s decades-long history supports Thailand's ambitious Bio-Circular-Green (BCG) strategy","footnotes":""},"categories":[5572],"tags":[5838,5847,6026,10416,7105],"supplier":[24184,103,7859],"class_list":["post-144713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bio-based","tag-bioeconomy","tag-bioplastics","tag-biopolymers","tag-circulareconomy","tag-packaging","supplier-krungthai-bank","supplier-natureworks-llc","supplier-pttgc"],"_links":{"self":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/144713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/comments?post=144713"}],"version-history":[{"count":0,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/144713\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/media\/144755"}],"wp:attachment":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/media?parent=144713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/categories?post=144713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/tags?post=144713"},{"taxonomy":"supplier","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/supplier?post=144713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}