09:40 AM EDT, 07/12/2024 (MT Newswires) -- Archer-Daniels-Midland ( ADM ) and LG Chem said Friday that they will not be proceed with their lactic and polylactic acid production projects due to "skyrocketed" construction costs.

In 2022, the companies announced two joint ventures, GreenWise Lactic, of which Archer-Daniels-Midland ( ADM ) is a majority owner, and LG Chem Illinois Biochem, which is majority-owned by LG Chem.

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