24 Nov 2016
Total and Corbion form a Joint Venture in bioplastics
Paris, Amsterdam, November 24, 2016 - Total and Corbion are joining forces to develop bioplastics by creating a 50/50 joint venture to produce and market polylactic (PLA) polymers. The two partners plan to build a world-class PLA polymerization plant with a capacity of 75,000 tons per year at Corbion’s site in Thailand that already has a lactide (PLA monomer) production unit that will become part of the joint venture. Corbion will supply the lactic acid necessary for the production of the PLA and the lactide.
The new company will be based in the Netherlands and will launch operations in the 1st quarter of 2017, subject to regulatory approvals.
“I’m very pleased with this joint venture, which aims to become a major player in the growing bioplastics market. This investment is consistent with our One Total ambition of expanding in biofuels and bioplastics, in addition to our more traditional oil- and gas-based products,” commented Bernard Pinatel, President of Total Refining & Chemicals. “Corbion’s unique position in the lactic acid and biopolymers value chain makes it a natural choice for Total. The joint venture will allow us to supply an innovative material that is 100% renewable and biodegradable and that responds to sustainability concerns.”
Tjerk de Ruiter, CEO of Corbion, stated: “PLA is one of the first renewable, biodegradable polymers able to compete with existing polymers. The joint venture, which will combine Total’s technical and marketing knowledge and leading position in polymers with Corbion’s expertise in lactic acid and biopolymers, will enable us to supply innovative products and will accelerate market acceptance.”
PLA is a biobased, biodegradable polymer obtained by fermenting renewable resources (sugar or starch) to produce lactic acid. PLA is mainly used for food packaging, disposable tableware and textiles, as well as in numerous other industries such as oil and gas, electronics, automotive and 3D printing.
PLA is a fast-growing polymer market segment, with an estimated average annual growth rate of 10 to 15% to 2025.
Total Refining & Chemicals
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About Total Refining & Chemicals
The Refining & Chemicals division of Total, a leading international oil and gas company, combines refining and petrochemical activities with specialty chemicals and employs almost 45,000 people worldwide. The division is Europe’s leading refining company and second largest petrochemical manufacturer. It boasts 14 refineries, 26 petrochemical and over 110 specialty plants around the world. It produces and provides its customers with a wide range of petroleum products, chemical-based products and polymers, which are aimed at a wide range of industrial and commercial markets.
Corbion is the global market leader in lactic acid, lactic acid derivatives and lactides, and a leading company in emulsifiers, functional enzyme blends, minerals and vitamins. The company delivers high performance biobased products made from renewable resources and applied in global markets such as bakery, meat, pharmaceuticals and medical devices, home and personal care, packaging, automotive, coatings and adhesives. Its products have a differentiating functionality in all kinds of consumer products worldwide. In 2015, Corbion generated annual sales of €918.3 million and had a workforce of 1,673 FTE. Corbion is listed on Euronext Amsterdam. corbion.com.
This press release contains inside information for Corbion within the meaning of Article 7(1) of the EU Market Abuse Regulation.