Archer Daniels (ADM) expands its partnership with LG Chem to form two joint ventures, which will help ADM meet the growing demand for plant-based products.
SEOUL, South Korea & CHICAGO, August 15, 2022--LG Chem (KRX: 051910), a leading global diversified chemical company, and ADM (NYSE: ADM), a global leader in nutrition and biosolutions, today held a signing ceremony launching two joint ventures for U.S. production of lactic acid and polylactic acid to meet growing demand for a wide variety of plant-based products, including bioplastics. Pending final investment decisions, the joint ventures have chosen Decatur, Illinois, U.S., as the location of
With the latest deals, GM said it had lined up supplies for all battery raw materials, including lithium, nickel, cobalt and cathode active material, and was on course to reach its goal of producing 1 million EVs annually in North America by end-2025. LG Chem will supply GM with 968,000 tons of cathode material starting in the second half of 2022 through 2030, enough for about 5 million EVs, GM said.