CJ BIO and NatureWorks announced that the two companies have signed a letter of intent (LOI) establishing a strategic alignment and say they are both working toward a Master Collaboration Agreement (MCA).
The companies will work together to develop sustainable materials solutions based on CJ BIO’s PHACT Marine Biodegradable Polymers and NatureWorks' Ingeo biomaterials technology. The goal of the agreement is to develop high-performance biopolymers that will replace fossil fuel-based plastics in applications ranging from compostable food packaging and food service ware to personal care and beyond.
"Plastics are an essential material that improve people’s lives, but their fossil sourcing and after use impact present a major climate challenge that must be addressed," says Seung Jin Lee, head of the biomaterials business at CJ BIO. Lee adds, "NatureWorks and its Ingeo technology have already helped by bringing to market new material functionality and after-use options."
"As we look toward the future, we want to amplify the impact of our Ingeo technology with promising, new biobased solutions and we feel that with its PHACT aPHA technology, CJ BIO is an ideal partner to achieve our goal," says Rich Altice CEO of NatureWorks.