WASHINGTON (dpa-AFX) - ADM (ADM) and LG Chem announced that their previously
announced projects for the production of lactic and polylactic acid will not
move forward. The joint ventures include GreenWise Lactic, of which ADM is a
majority owner, and LG Chem Illinois Biochem, which is majority-owned by LG
Chem.

'Since we originally announced our two joint ventures with LG Chem for lactic
and polylactic acid in 2022, construction costs have skyrocketed. We looked at a
variety of options, but when the time came to make final investment decisions,
it had become clear that these projects no longer represented a prudent use of
our investors' capital that would meet our returns objectives,' said Chris
Cuddy, president of ADM's Carbohydrate Solutions business.



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