LG Chem, a global chemical company, and ADM, the nutrition and biosolutions giant, last month announced the formation of two joint ventures in Decatur to make lactic acid and polylactic acid to meet growing demand for a variety of plant-based products, including bioplastics.
The first venture, GreenWise Lactic, will produce up to 150,000 tons of high-purity corn-based lactic acid a year. GreenWise will be majority owned by Chicago-based ADM, which will contribute fermentation capacity from its existing bioproducts facility in Decatur.
The second venture, LG Chem Illinois Biochem, will be majority held by LG Chem and will build upon the South Korean firm’s expertise in bioplastics to produce around 75,000 tons of polylactic acid per year, using product from GreenWise.
“Sustainability is one of the enduring global trends that is powering ADM’s strategy and growth,” ADM Chief Executive Juan Luciano said in a statement. “With these two new joint ventures, we’re planning to take the next growth step, greatly expanding our ability to meet growing demand for plant-based solutions.”
The two joint ventures will support more than 125 jobs in the Decatur region. Final investment decisions will be made in 2023, with construction expected to start later that year and production beginning in late 2025 or early 2026.
Intersect Illinois Relaunches as Illinois Economic Development Corporation, Unveils Record Year of Growth
CHICAGO, IL – Today, Intersect Illinois, the state’s business development arm, announced its relaunch as the Illinois Economic Development Corporation—an evolution that comes as the Illinois EDC announced it recorded 701 business expansions or relocations in the state, an increase of 59% over the previous fiscal year. These projects generated $25.8 billion in new investment…
Illinois Shines in Job Creation, Clean Energy and FDI Rankings
Corporate expansion project success leads to recognition for Illinois CHICAGO, IL – A pair of leading site selection publications, Area Development and Business Facilities, rank Illinois among the top in key corporate expansion categories such as job creation, clean energy, and FDI projects, exemplifying the state’s emboldened strategy and achievements in business attraction. In the just-released…
Gov. Pritzker Announces Infleqtion to Accelerate Quantum Computing in Illinois and Locate Computing Headquarters in Chicago
CHICAGO- Governor JB Pritzker, the Illinois Department of Commerce and Economic Opportunity (DCEO), and Intersect Illinois today announced that quantum company Infleqtion will headquarter its global quantum computing operations in Illinois as a future tenant of the Illinois Quantum and Microelectronics Park (IQMP). As part of the expected $50 million investment, the company will create dozens of new…
