July 2, 2009 / 12:22 PM / 9 years ago

CORRECTED - Cargill and Teijin dissolve plastics joint venture

(Corrects last paragraph to add that Teijin deal took place in May 2008)

CHICAGO, July 1 (Reuters) - Agribusiness giant Cargill Inc [CARG.UL] said its plastics and resins joint venture with Japan’s Teijin Ltd (3401.T) has been dissolved and Cargill will take full ownership of the unit.

Cargill, one of the world’s largest private companies, said on Wednesday the dissolution of the 50-50 joint venture, NatureWorks llc, was friendly and it intends to maintain close relations with Teijin, a major textile and carbon fiber maker.

Terms of the deal were not disclosed.

Minneapolis-based Cargill, a leading U.S. grain exporter, major producer of ethanol and top energy trader, among many other businesses, said the move was part of Teijin’s general portfolio restructuring in response to the global recession.

NatureWorks, a maker of Ingeo plastics and resins derived from renewable resources, had operated as a joint venture since October 2007. Ingeo fibers and plastics are used in food and beverage packaging, durable consumer articles, apparel, home textile, personal care and hygiene applications.

In May 2008, Teijin bought a U.S. provider of home medical devices for $114 million as part of its effort to expand its U.S. pharmaceuticals business. (Reporting by Ben Klayman; editing by John Wallace)

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