LG Chem and ADM have entered into an agreement to establish two new joint ventures focusing on LA (lactic acid) and PLA (poly lactic acid). The first joint venture ‘Greenwise Lactic’ will produce 150,000 tons of high-purity corn-based lactic acid every year while the second one ‘LG Chem Illinois Biochem’ will use Greenwise Lactic’s lactic acid to produce 75,000 tons of bioplastics annually.