total corbion joint venture in pla · 11/16/2016 · (jv) • as jv is 50/50, 50% of the jv’s...
TRANSCRIPT
![Page 1: TOTAL CORBION JOINT VENTURE IN PLA · 11/16/2016 · (JV) • As JV is 50/50, 50% of the JV’s net result will be recorded in Results from Joint-Ventures • Corbion’s sales and](https://reader034.vdocuments.us/reader034/viewer/2022050216/5f622c825a24e953ef304d1f/html5/thumbnails/1.jpg)
Insert/replace image via Format Background > Picture or texture fill > Click “File” to browse to your image
16/11/2016 TJERK DE RUITER/EDDY VAN RHEDE VAN DER KLOOT
TOTAL CORBION JOINT VENTURE IN PLA
![Page 2: TOTAL CORBION JOINT VENTURE IN PLA · 11/16/2016 · (JV) • As JV is 50/50, 50% of the JV’s net result will be recorded in Results from Joint-Ventures • Corbion’s sales and](https://reader034.vdocuments.us/reader034/viewer/2022050216/5f622c825a24e953ef304d1f/html5/thumbnails/2.jpg)
©
• Total and Corbion form a joint venture (JV 50/50) in PLA bioplastics. The JV will produce and market PLA (polylactic acid) resins and lactides
• JV will target launch of operations in Q1, 2017, pending regulatory approvals
• Total and Corbion will become co-owners of the PLA polymerization plant with a global capacity of 75 kt per year which is currently under construction on the Corbion site in Thailand
• Corbion’s existing PLA business and lactide production unit will be included in the JV
• Corbion will supply the lactic acid necessary for the production of the PLA and the lactide
Key points
16/11/2016 2
![Page 3: TOTAL CORBION JOINT VENTURE IN PLA · 11/16/2016 · (JV) • As JV is 50/50, 50% of the JV’s net result will be recorded in Results from Joint-Ventures • Corbion’s sales and](https://reader034.vdocuments.us/reader034/viewer/2022050216/5f622c825a24e953ef304d1f/html5/thumbnails/3.jpg)
© 16/11/2016 3
JV will produce and market PLA and Lactides for PLA
• Corbion will supply lactic acid to joint-venture
![Page 4: TOTAL CORBION JOINT VENTURE IN PLA · 11/16/2016 · (JV) • As JV is 50/50, 50% of the JV’s net result will be recorded in Results from Joint-Ventures • Corbion’s sales and](https://reader034.vdocuments.us/reader034/viewer/2022050216/5f622c825a24e953ef304d1f/html5/thumbnails/4.jpg)
©
• Committed to finding solutions to the challenges of climate change through their One Total ambition of expanding in biofuels and bioplastics
• Early investor in PLA technology
• Strong position worldwide in polymers (PS, PP, PE)
• Worldwide #2 in Polystyrene
• Strong operational experience
• Deep market- & application know-how
• Already trusted partner of many of the JVs future & potential customers
Why Total is a strong partner for Corbion
16/11/2016 4
![Page 5: TOTAL CORBION JOINT VENTURE IN PLA · 11/16/2016 · (JV) • As JV is 50/50, 50% of the JV’s net result will be recorded in Results from Joint-Ventures • Corbion’s sales and](https://reader034.vdocuments.us/reader034/viewer/2022050216/5f622c825a24e953ef304d1f/html5/thumbnails/5.jpg)
© 16/11/2016 5
Innovation: Leveraging our strengths through partnerships
Lactic acid and lactates
L- and D-lactide PLA bioplastic
Succinic acid
• In our Biobased Innovations segment we build new business platforms by leveraging our strengths in lactic acid and bioprocessing
•
•
•
•
•
•
FDCA
![Page 6: TOTAL CORBION JOINT VENTURE IN PLA · 11/16/2016 · (JV) • As JV is 50/50, 50% of the JV’s net result will be recorded in Results from Joint-Ventures • Corbion’s sales and](https://reader034.vdocuments.us/reader034/viewer/2022050216/5f622c825a24e953ef304d1f/html5/thumbnails/6.jpg)
©
• JV will purchase Corbion’s existing lactide facility for approx. $40M
• Likely to lead to reversal of impairment
• Corbion’s net cash investment will decrease from $100M (stand-alone) to $30M (JV)
• As JV is 50/50, 50% of the JV’s net result will be recorded in Results from Joint-Ventures
• Corbion’s sales and profits from lactic acid to the JV will be recorded in Biobased Innovations
• Capex and timing for construction in Thailand likely unaffected
Financial implications
16/11/2016 6
![Page 7: TOTAL CORBION JOINT VENTURE IN PLA · 11/16/2016 · (JV) • As JV is 50/50, 50% of the JV’s net result will be recorded in Results from Joint-Ventures • Corbion’s sales and](https://reader034.vdocuments.us/reader034/viewer/2022050216/5f622c825a24e953ef304d1f/html5/thumbnails/7.jpg)