From the Sector

DyStar, a leading specialty chemicals company with more than a century of tradition in product development and innovation, announced that its main shareholder, Zhejiang Longsheng Group Co., Ltd, has entered into a share purchase agreement to acquire 37.57% of the issued shares of DyStar Global Holdings (Singapore) Pte. Ltd., previously held by Kiri Industries Limited. 

The acquisition follows a ruling by the Singapore International Commercial Court (SICC) requiring the sale of 100% of DyStar's equity. As the controlling shareholder with 62.43% of DyStar, the strategic acquisition of the outstanding shares by Zhejiang Longsheng Group will result in DyStar becoming a wholly owned subsidiary. This transaction ends the long-standing legal dispute with Kiri Industries and thus prevents a complete sale of DyStar. 

The total purchase price is $696.5478 million, subject to adjustments on or after the closing date. Closing is subject to regulatory approvals and other customary conditions, with the expected closing date being no later than 3 November 2025. 

Xu Yalin, Managing Director and President of the DyStar Group, said: ‘We are pleased with the final settlement of the legal dispute, which will enable the DyStar Group to move forward with certainty, confidence and a new strategic focus. This is a significant milestone in our 30-year history, as it strengthens our long-term stability and commitment to our global stakeholders.’ 

This development will enable DyStar to further expand its leadership position in the specialty chemicals sector and its value chain. The group remains firmly committed to driving innovation, promoting sustainable practices and pursuing strategic growth initiatives to strengthen its global competitiveness.

Starlinger & Co GmbH puts the focus on its technologies for sustainable and efficient polypropylene tape production as well as food-safe recycled PET and polyolefins at Chinaplas this year.

With a maximum melting capacity of 1000 kg per hour and production speeds of up to 550 meters per minute, Starlinger’s starEX 1600 tape extrusion line unites high efficiency with resource-saving state-of-the-art design. It produces top-quality PP or HDPE/LLDPE tapes for high-performance packaging applications for dry bulk goods such as woven PP sacks or big bags. Specially developed and worldwide unique machine components such as the eqoSTRETCH stretching and annealing system ensure energy-saving production and uniform tape characteristics, while the eqoCLEAN filter system enables the processing of high shares of recycled polypropylene for producing more sustainable woven PP packaging.

“We have gathered decades of expertise both in woven plastic packaging production as well as in plastics recycling,” said Harald Neumüller, Chief Sales Officer at Starlinger. “By combining this know-how, we have developed technology that helps packaging manufacturers to establish closed packaging loops and make plastic packaging circular.” Starlinger has already realised lighthouse projects with customers in the FIBC sector, proposing a closed-loop economy for big bags made from rPP and rPET. “We consider used plastics as a resource, not waste,” Neumüller continued. “This is the only way to get a grip on the increasing amount of plastic waste worldwide. By collecting used plastics and reprocessing it we protect our environment, conserve natural resources, and at the same time save money that would need to be spent for waste treatment facilities and environment clean-ups.”

Precision to the core
With its high-speed winding technology, the twinTAPE+ automatic precision winder is Starlinger’s top-scale tape winder model. It ensures that the produced PP tapes from the starEX tape extrusion line are wound into perfect packages that improve productivity and fabric quality on the looms. The bevelled bobbin edges avoid that tapes come off during doffing, transport and handling and increase loom efficiency during weaving. The automatic bobbin change procedure of twinTAPE winders reduces operator work significantly, and the patented linear traverse system features an infinitely variable stroke, allowing a wide variety of bobbin designs. As the winder does not need lubrication, maintenance work is reduced to cleaning, which saves significant amounts of operator time.

Jakob Müller Group (JMG), a leader in narrow fabric weaving machinery, acquired 100% of the shares of MEI International, effective January 1, 2025. With a history spanning over 50 years, MEI is a renowned Italian manufacturer of wide label weaving machines. This strategic acquisition combines the strengths of two industry pioneers, creating a comprehensive portfolio of solutions for woven label production.

JMG, known for its high-quality rapier and air-jet weaving machines, expands its offerings with MEI’s specialized air-jet technology and broad product range. As part of this integration, JMG will discontinue its Müjet air-jet weaving machine, fully endorsing MEI's advanced air-jet technology, which will continue to be strengthened thanks to the mutual cooperation.

MEI will continue to operate as an independent company, retaining its location in Gallarate, Italy, with Paolo Mazzucchelli remaining as CEO. Both brands will maintain their separate market presence, leveraging their individual strengths to serve customers in a demanding market environment.

Key benefits of the acquisition:

• Comprehensive product portfolio: Customers gain access to a wider range of label weaving machines, catering to diverse production needs.
• Enhanced innovation: The combined expertise of JMG and MEI will accelerate the development of new products and services.
• Stronger financial foundation: The acquisition reinforces the financial strength of both companies, enabling increased investment in innovation and customer support.
• Continued customer focus: Existing sales and service structures of both companies will remain in place, ensuring continuity for customers.

“This acquisition is a significant step forward in our JMG 2030 strategy,” said Andreas Conzelmann, CEO of Jakob Müller Group. “I really appreciate the entire MEI team for their values, attitude, and spirit. Together, we can offer our customers an outstanding range of solutions and services, while continuing to provide the highest quality, productivity, and reliability they expect from both JMG and MEI.”

Paolo Mazzucchelli, CEO of MEI, added, “Joining forces with JMG is an exciting opportunity for MEI. This alliance will enable us to develop new products and services more quickly and professionally, ultimately benefiting our customers’ growth. We are committed to maintaining our separate sales forces to preserve the long-standing relationships we have built with our customers.”

Ontex Group NV, a leading international developer and producer of personal care products, announces the launch of a share buy-back program to acquire a maximum of 1.5 million shares, representing 1.8% of its issued shares. The shares acquired through the program will contribute to meeting Ontex’s obligations under its current and future long-term incentive plans. The share purchases will be spread over a seven-month period, starting on December 1, 2024 and ending on June 30, 2025.

The program will be conducted under the terms and conditions of the authorization granted by the extraordinary shareholders’ meeting held on May 5, 2023, and will be executed by an independent intermediary, who will make its decisions independently pursuant to a discretionary mandate. The timing of the transactions will depend on a variety of factors, including market conditions. The share buy-back program may be suspended or discontinued at any time.

In accordance with applicable laws and regulations, Ontex will publish weekly updates on the progress of its share purchases. During the term of the share buy-back program, Ontex’s liquidity contract will be suspended. As Ontex currently already holds 1.2 million shares in treasury, it will hold 2.7 million treasury shares upon completion of the program, representing 3.2% of its issued shares.

Gunold GmbH, a company specialized in embroidery thread, introduces a change in management. With Aileen and Kevin Gunold taking over the management on April 1, 2024, the company is now being run by the fourth generation of the Gunold family. Christoph Gunold, who managed the company for almost three decades, is delighted that his children are continuing the family business.

Kevin Gunold, with a degree in Business Administration and Law, shares his experience from the automotive industry, while Aileen Gunold, who studied International Business Administration and gained extensive experience in corporate and marketing consulting, contributes her expertise in strategic and operational areas such as business development and customer experience management.

The Gunold GmbH, which is preparing to celebrate its 100th anniversary, relies on the pillars of reliability and 24/7 online ordering options. For long-term competitiveness, it is also crucial to make the business models sustainable in terms of environmental and social aspects. Digitization is an important key to securing the future of the company.

BTMA member Vickers Oils has marked an important milestone in its partnership with knitting machinery leader Lonati by earning Original Equipment Manufacturer (OEM) approval for its VICKERLUBE SOCK 46 needle oil.

VICKERLUBE SOCK 46 is a mineral-based needle lubricant designed to meet the criteria for modern knitting machine technology. It provides a high standard of lubrication as well as holding very good stability properties and having a high resistance to oxidation. The product is readily scourable and holds a well-balanced additive system meaning that it is fully compatible with all machine components. It can also be used with machines producing any yarn type – including tricky elastanes – to produce the highest quality end product.

Lonati, headquartered in Brescia, Italy, has been a prominent name in knitting machines for over 70 years, designing and manufacturing an impressive average of 8,000 annually. It places a strong emphasis on delivering the highest quality textile machinery, underpinned by a commitment to research and development that ensures the use of cutting-edge products, technologies and processes in its machines.

Vickers Oils, based in Leeds, West Yorkshire, shares these values, leading the industry in quality and assurance through its continuous focus on research and development, technological leadership, quality control and customer service. As it has done for almost two centuries – the company will mark its 200th anniversary in 2028.

Lonati is now officially recommending VICKERLUBE SOCK 46 for use in its single-cylinder GOAL series of knitting machines, marking a successful collaboration that required dedicated efforts from the teams of Lonati, Vickers Oils and its Italian representative Lubrogamma. Vickers Oils is committed to sustainable product development and VICKERLUBE SOCK 46 meets the clearly defined criteria set out by the Global Organic Textile Standard (GOTS) and conforms to ZDHC MRSL Level 1 certification.

Tampon for Men by Finnish hygiene product brand Vuokkoset aims to alleviate the distress transgender men feel related to menstruation. The creative partner behind the idea is TBWA\Helsinki. The product was launched during the international Transgender Awareness Week and sparked a discussion in Scandinavia of the inclusivity of the health and wellness industry.

Research has shown that 93% of transgender men have experienced gender dysphoria related to menstruation. With a tampon designed for men, Vuokkoset sparked a vivid conversation in Finland during the International transgender awareness week (Nov 13 to 19, 2023) with an aim to change perceptions of menstruation and reduce the distress it causes to transgender men.

“Marketing has a huge role in shaping the world around us. As Finland’s leading creative agency and the leading global agency collective, we have an immense responsibility in actively making the world more inclusive. Vuokkoset is a brand that shares this value base and was brave enough to put the campaign together with us in just four short weeks” says Heidi Taina, creative director from TBWA\Helsinki.

Trans men and non-binary individuals may still have menstrual cycles, regardless of hormone therapy choices. This highlights the diversity in experiences related to menstruation among different gender identities.

"When I was young, menstruation felt not only strange but somehow wrong. Our culture does not really acknowledge the diversity of menstruating individuals" says DEI consultant and face of the campaign Dakota Robin, who has been through the gender affirming process himself.

The Tampon for Men will be available as a limited edition in Finland and wider distribution will begin in early 2024. Total sales proceeds are donated to Trasek ry, an organization focused on gender diversity and sexual health. A fully gender-neutral tampon product by Vuokkoset is also being considered.

"Menstrual products - from visuality, advertising to store location - are strongly feminine. It’s time to acknowledge the diversity of menstruating individuals" says Sanna Karhu, CEO of Delipap Oy, the company that manufactures Vuokkoset products.

"This is definitely a step in the right direction. By changing attitudes and broadening perspectives, we can also remove discrimination against gender minorities," concludes Dakota Robin.

The acquisition of the automotive business of Borgers, announced in January 2023, has been completed with effect from April 1, 2023, following receipt of all antitrust approvals. As a result, Autoneum now operates 67 production facilities worldwide and employs around 16 100 people in 24 countries. With the acquisition of the long-established German company, Autoneum is further expanding its global market leadership in sustainable acoustic and thermal management of vehicles. For the planned capital increase of around CHF 100 million for the long-term financing of the acquisition, the shareholders approved the creation of a capital band.

The purchase agreement signed on January 6, 2023, to acquire the assets of the insolvent Borgers companies by Autoneum could be completed. As a result, Autoneum will take over the assets of the Borgers companies in Germany and the shares in the subsidiaries in France, Poland, Sweden, Spain, the Czech Republic, the United Kingdom and the USA as well as in the company in Shanghai, China, with effect from April 1, 2023. As already communicated, the enterprise value paid amounts to EUR 117 million.

The product and customer range of Borgers Automotive, the specialist for textile acoustics protection, insulation and trim for vehicles, ideally complements Autoneum’s sustainable product portfolio. Particularly with the wheel arch liner and trunk lining product lines as well as the truck business, Autoneum’s global presence offers further potential for profitable growth also outside Europe. In addition, Borgers has more than 150 years of experience in recycling textile materials. In the 2022 financial year, the Borgers Group – excluding the mechanical engineering division which was already sold in the summer of 2022 – generated expected annual revenue of around EUR 700 million and employed around 4 500 employees worldwide. Autoneum has agreed new pricing and delivery terms with Borgers’ customers, which will ensure both sustainable profitability and the further development of technologies and processes.

From April 1, the former Borgers sites in Germany will be part of Autoneum Germany GmbH, which has been in existence for many years. The other subsidiaries worldwide will gradually be renamed Autoneum.

Milliken’s Textile Business plans to eliminate all PFAS-containing materials from its portfolio by December 31, 2022.
The company announced a commitment to eliminate all per- and polyfluoroalkyl substances, commonly referred to as PFAS, from the company’s textile finishes and fibers portfolio.

“Sustainability is a core value of our company, and we are and have always been on a quest for continuous improvement,” shares Halsey Cook, president and CEO for Milliken & Company. “As part of our sustainability journey, we are committed to finding innovative and meaningful solutions to reduce our environmental impact. While we do not always begin our journey with perfect information, we strive to make adjustments as new information comes to light.”

“As a values-driven company, we’re always evaluating the needs and demands of the markets we serve. Our promise to our customers is to engineer the highest-quality protective and performance textiles, and our purpose is to positively impact the world for generations,” said Chad McAllister, executive vice president, Milliken & Company, and president, Milliken’s Textile Business.

adidas has completed its second share buyback program this year. On March 1, 2022, the company had announced that it would launch another share buyback program in mid-March to return the cash proceeds from the Reebok divestiture to its shareholders. Between March 14, 2022, and October 10, 2022, the company bought back 8,978,138 shares for a total consideration of € 1.5 billion, corresponding to an average purchase price per share of € 167.07.

The decision to repurchase shares to return the cash proceeds from the Reebok divestiture came on top of the company’s regular buyback activities. In December 2021, adidas had launched a multi-year share buyback program under which the company plans to buy back shares in an amount of up to € 4 billion until 2025. The first tranche of this program was conducted in January and February of this year. During that period, the company bought back 4,156,558 shares for a total amount of € 1 billion, corresponding to an average purchase price per share of € 240.58. Taking into account both share buybacks adidas bought back 13,134,696 shares for a total amount of € 2.5 billion in 2022. Including the dividend payment of € 610 million in May, the company returned more than € 3.1 billion to its shareholders in 2022.

Strong cash returns are a key component of adidas strategy ‘Own the Game’. As part of this strategy, adidas plans to generate substantial cumulative free cash flow until 2025 and return the majority of it – between € 8 billion and € 9 billion – to its shareholders through regular dividend payments in a range of between 30% and 50% of net income from continuing operations, complemented by share buybacks. The € 1.5 billion share buyback program related to the divestiture of Reebok come in addition to these regular shareholder returns.

As previously announced, the company intends to cancel the majority of the shares repurchased as part of its buyback activities. As a result, adidas will cancel a total of 12,100,000 treasury shares in the upcoming weeks, reducing the share count and stock capital from 192,100,000 to 180,000,000.