ADM and LG Chem have announced that they will not be moving forward with their previously planned projects for the production of lactic acid and polylactic acid. These joint ventures include GreenWise Lactic, primarily owned by ADM, and LG Chem Illinois Biochem, primarily owned by LG Chem.
"Since announcing our joint ventures with LG Chem for lactic and polylactic acid in 2022, construction costs have surged significantly. We explored various alternatives, but ultimately, it became evident during the final investment decision phase that these projects no longer justify the prudent use of our investors' capital, nor would they meet our expected return objectives," stated Chris Cuddy, President of ADM's Carbohydrate Solutions division.
