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13.03.2024

Rieter: Successful financial year 2023

  • Sales of CHF 1 418.6 million in the 2023 financial year
  • Order intake of CHF 541.8 million in the 2023 financial year; order backlog of around CHF 650 million as of December 31, 2023
  • EBIT margin of 7.2%
  • “Next Level” performance program on track
  • Proposed dividend of CHF 3.00 per share
  • Outlook 2024 with sales of around CHF 1 billion

The Rieter Group closed the 2023 financial year with slightly lower sales of CHF 1 418.6 million (2022: CHF 1 510.9 million), down 6% on the previous year. In line with expectations, the order intake of CHF 541.8 million was considerably below the prior year period (2022: CHF 1 157.3 million). In a challenging business environment, Rieter generated an EBIT margin of 7.2%. Implementation of the “Next Level” performance program to increase profitability is proceeding according to plan.

  • Sales of CHF 1 418.6 million in the 2023 financial year
  • Order intake of CHF 541.8 million in the 2023 financial year; order backlog of around CHF 650 million as of December 31, 2023
  • EBIT margin of 7.2%
  • “Next Level” performance program on track
  • Proposed dividend of CHF 3.00 per share
  • Outlook 2024 with sales of around CHF 1 billion

The Rieter Group closed the 2023 financial year with slightly lower sales of CHF 1 418.6 million (2022: CHF 1 510.9 million), down 6% on the previous year. In line with expectations, the order intake of CHF 541.8 million was considerably below the prior year period (2022: CHF 1 157.3 million). In a challenging business environment, Rieter generated an EBIT margin of 7.2%. Implementation of the “Next Level” performance program to increase profitability is proceeding according to plan.

Outlook 2024
Markets remain under pressure from the economic slowdown, high inflation rates and noticeably dampened consumer sentiment. Customers are reluctant to place orders due to financing challenges. The first signs of a recovery in the 2024 financial year have emerged in the key markets of China and India. Rieter expects demand to increase in the coming months.
For the full year 2024, Rieter anticipates sales in the region of CHF 1 billion and a positive EBIT margin of up to 4%.

Source:

Rieter Management AG

26.02.2024

AkzoNobel: Full-year 2023 results

Highlights Q4 2023 (compared with Q4 2022)

  • Revenue in constant currencies up 4% on higher volumes and pricing (reported revenue -3%)
  • Operating income improved to €214 million (2022: €103 million)
  • Adjusted operating income at €221 million (2022: €126 million); ROS at 8.7% (2022: 4.8%); €244 million before €23 million negative impact from hyperinflation accounting
  • Net cash from operating activities positive €574 million (2022: €291 million)

Highlights full-year 2023 (compared with full-year 2022)

Highlights Q4 2023 (compared with Q4 2022)

  • Revenue in constant currencies up 4% on higher volumes and pricing (reported revenue -3%)
  • Operating income improved to €214 million (2022: €103 million)
  • Adjusted operating income at €221 million (2022: €126 million); ROS at 8.7% (2022: 4.8%); €244 million before €23 million negative impact from hyperinflation accounting
  • Net cash from operating activities positive €574 million (2022: €291 million)

Highlights full-year 2023 (compared with full-year 2022)

  • Revenue in constant currencies up 5% driven by pricing (reported revenue -2%)
  • Operating income improved to €1,029 million (2022: €708 million)
  • Adjusted operating income at €1,074 million (2022: €789 million), despite €77 million adverse
  • currency effects from translation; ROS at 10.1% (2022: 7.3%)
  • Adjusted EBITDA at €1,429 million (2022: €1,157 million), despite €92 million adverse currency
  • effects from translation
  • Net cash from operating activities positive €1,126 million (2022: €263 million)
  • Net debt to EBITDA leverage ratio improved to 2.7 (2022: 3.8)
  • Final dividend proposed of €1.54 per share (2022: €1.54)

Outlook mid-term
For the mid-term, AkzoNobel aims to expand profitability to deliver an adjusted EBITDA margin of above 16% and a return on investment between 16% and 19%, underpinned by organic growth and industrial excellence. The company aims to lower its leverage to around 2 times in the mid-term, while remaining committed to retaining a strong investment grade credit rating.

More information:
AkzoNobel financial year 2023
Source:

AkzoNobel

15.11.2023

Indorama Ventures: 3Q23 Performance report

  • Revenue of US$3.9B, a decline of 1% QoQ and 20% YoY
  • EBITDA of US$324M, an increase of 1% QoQ and a decrease of 37% YoY
  • Operating cash flows of US$410M
  • Net Operating Debt to Equity of 0.97x
  • EPS of THB 0.00

Indorama Ventures Public Company Limited (IVL) reported stable third-quarter earnings as the company’s management focuses on conserving cash and improving competitiveness to bolster performance in a continued period of weakness in the global chemical industry.

Indorama Ventures achieved EBITDA of $324 million in 3Q23, an increase of 1% QoQ and a decline of 37% YoY, impacted by a weak economic environment, geopolitical tensions, and continued post-pandemic disruptions in global markets. Sales volumes dropped 5% from a year ago to 3.6 million tons as China recovers from the pandemic more slowly than expected and an extended period of destocking in the manufacturing and chemical sectors continues to normalize from unprecedented levels last year.

  • Revenue of US$3.9B, a decline of 1% QoQ and 20% YoY
  • EBITDA of US$324M, an increase of 1% QoQ and a decrease of 37% YoY
  • Operating cash flows of US$410M
  • Net Operating Debt to Equity of 0.97x
  • EPS of THB 0.00

Indorama Ventures Public Company Limited (IVL) reported stable third-quarter earnings as the company’s management focuses on conserving cash and improving competitiveness to bolster performance in a continued period of weakness in the global chemical industry.

Indorama Ventures achieved EBITDA of $324 million in 3Q23, an increase of 1% QoQ and a decline of 37% YoY, impacted by a weak economic environment, geopolitical tensions, and continued post-pandemic disruptions in global markets. Sales volumes dropped 5% from a year ago to 3.6 million tons as China recovers from the pandemic more slowly than expected and an extended period of destocking in the manufacturing and chemical sectors continues to normalize from unprecedented levels last year.

Management continues to focus on conserving cash, realizing efficiency improvements, and optimizing the company’s operational footprint to boost profitability. These efforts resulted in positive operating cash flow of US$410 million in the quarter, positive free cash flow of $79 million year to date, and room for further reductions in working capital going forward. The company’s AA- rating was maintained by TRIS in the quarter, with a stable outlook. 

The company expects the operating environment to improve in 2024 as customer destocking continues to ease across all three of Indorama Ventures’ segments. The ramp up of PET and fibers expansion projects operations in India and the U.S. will also contribute to increased volumes.  

Combined PET posted EBITDA of $146 million, a 25% decline QoQ, amid historically low benchmark PET margins, increased feedstock prices in Western markets, and lingering effects of destocking. Integrated Oxides and Derivatives (IOD) segment posted a 27% rise in EBITDA to $119 million QoQ, supported by strong MTBE margins in the Integrated Intermediates business. The Integrated Downstream portfolio’s profitability was impacted by destocking, inflationary pressures, and margin pressure from imports. Fibers segment achieved a 140% increase in EBITDA to $48 million QoQ as Lifestyle volumes grew in key markets in Asia, and the Mobility and Hygiene verticals benefited from management’s focus on optimizing operations and refocusing the organization. 
 

Source:

Indorama Ventures Public Company Limited

06.11.2023

AkzoNobel publishes results for Q3 2023

Highlights Q3 2023 (compared with Q3 2022)

  • Revenue in constant currencies up 5% on pricing, despite flat volumes; reported revenue 4% down on unfavorable exchange rates
  • Operating income improved to €354 million (2022: €168 million)
  • Adjusted operating income at €324 million (2022: €184 million); ROS 11.8% (2022: 6.4%)
  • Net cash from operating activities positive €297 million (2022: €126 million)
  • Net debt to EBITDA leverage ratio improved sequentially to 3.2x

2023 Outlook
AkzoNobel expects the ongoing macro-economic uncertainties to continue and weigh on organic volume growth. The company will focus on margin management, cost reduction, working capital normalization and de-leveraging.

Cost reduction programs are expected to partly mitigate higher than expected inflationary pressure on operating expenses for 2023. AkzoNobel expects declining raw material costs to have a favorable impact on profitability.

Based on current market conditions, AkzoNobel targets to deliver around €1.45 billion adjusted EBITDA.

Highlights Q3 2023 (compared with Q3 2022)

  • Revenue in constant currencies up 5% on pricing, despite flat volumes; reported revenue 4% down on unfavorable exchange rates
  • Operating income improved to €354 million (2022: €168 million)
  • Adjusted operating income at €324 million (2022: €184 million); ROS 11.8% (2022: 6.4%)
  • Net cash from operating activities positive €297 million (2022: €126 million)
  • Net debt to EBITDA leverage ratio improved sequentially to 3.2x

2023 Outlook
AkzoNobel expects the ongoing macro-economic uncertainties to continue and weigh on organic volume growth. The company will focus on margin management, cost reduction, working capital normalization and de-leveraging.

Cost reduction programs are expected to partly mitigate higher than expected inflationary pressure on operating expenses for 2023. AkzoNobel expects declining raw material costs to have a favorable impact on profitability.

Based on current market conditions, AkzoNobel targets to deliver around €1.45 billion adjusted EBITDA.

Leverage guidance remains unchanged at less than 3 times net debt/EBITDA by the end of 2023, excluding the Kansai Paint Africa acquisition which is not expected to close before year end.

More information:
AkzoNobel financial year 2023
Source:

AkzoNobel

Source: 22nd ITMF Global Textile Industry Survey (19.-29.09.2023) ITMF
Source: 22nd ITMF Global Textile Industry Survey (19.-29.09.2023)
13.10.2023

22nd ITMF Global Textile Industry Survey

  • Business situation remains poor and unchanged
  • Manufacturers show prudence in forecasting future developments

 
According to ITMF’s Global Textile Industry Survey (GTIS) conducted in the middle of September 2023, survey participants exhibited a cautious sentiment regarding the current business situation. The indicator for the business situation stood at -27 percentage points (pp, see Graph 1) because companies in the entire textile value chain were struggling with rising costs and weak demand. Business expectations have remained unchanged since July at around +20 pp (see Graph 2). They have jumped into positive territory in January 2023 based on the assumption that the Chinese economy would give an additional boost, but this hope did not materialise. The analysis indicates that a hard landing of the global economy is not in sight.

  • Business situation remains poor and unchanged
  • Manufacturers show prudence in forecasting future developments

 
According to ITMF’s Global Textile Industry Survey (GTIS) conducted in the middle of September 2023, survey participants exhibited a cautious sentiment regarding the current business situation. The indicator for the business situation stood at -27 percentage points (pp, see Graph 1) because companies in the entire textile value chain were struggling with rising costs and weak demand. Business expectations have remained unchanged since July at around +20 pp (see Graph 2). They have jumped into positive territory in January 2023 based on the assumption that the Chinese economy would give an additional boost, but this hope did not materialise. The analysis indicates that a hard landing of the global economy is not in sight.

Order intake recovered in May 2023, but flattened in July and remained very weak in September (-28 pp). The entire textile value chain is running on minimum levels of orders. As long as brands and retailers do not increase orders, the entire value chain will continue struggling. Order backlog slightly increased globally, from 1.9 months in July to 2.2 months in September 2023. This indicator had been on a falling trend since the end of 2021. The average capacity utilisation rate dropped again globally (69%). Textile manufacturers expect this rate to remain low in six months’ time as well.

Weakening demand has been the major concern in the global textile value chain for a year. In September 2023, this concern grew even stronger due to high inflation rates measured in the last few months, a phenomenon fueled by high energy and high raw material prices. Nevertheless, participants seem not to be concerned by order cancelations and inventory levels remain average along the textile value chain. 

More information:
ITMF market survey
Source:

ITMF

02.08.2023

Lenzing: Business Performance in the first half of 2023

  • Revenue of EUR 1.25 bn and EBITDA of EUR 136.5 mn in the first half of 2023
  • EBITDA and net result for the period significantly improved compared with the first quarter of 2023
  • Cost-cutting program and measures to strengthen sales activities being implemented as planned
  • Liquidity position strengthened by successful capital increase and extension of credit terms
  • Production of TENCEL™ brand modal fibers successfully launched in China

The business performance of the Lenzing Group, a leading global supplier of specialty fibers for the textile and nonwoven industries, largely reflected the subdued market trends in the first half of 2023. After the market environment deteriorated significantly in the second half of 2022, signs of recovery were evident during the first and second quarters of 2023 in terms of both raw material and energy costs as well as demand. Textile fibers recorded improving demand, and business with nonwoven fibers and with dissolving wood pulp proved to be very stable.

  • Revenue of EUR 1.25 bn and EBITDA of EUR 136.5 mn in the first half of 2023
  • EBITDA and net result for the period significantly improved compared with the first quarter of 2023
  • Cost-cutting program and measures to strengthen sales activities being implemented as planned
  • Liquidity position strengthened by successful capital increase and extension of credit terms
  • Production of TENCEL™ brand modal fibers successfully launched in China

The business performance of the Lenzing Group, a leading global supplier of specialty fibers for the textile and nonwoven industries, largely reflected the subdued market trends in the first half of 2023. After the market environment deteriorated significantly in the second half of 2022, signs of recovery were evident during the first and second quarters of 2023 in terms of both raw material and energy costs as well as demand. Textile fibers recorded improving demand, and business with nonwoven fibers and with dissolving wood pulp proved to be very stable.

Outlook
The war in Ukraine and the more restrictive monetary policy pursued by many central banks in order to combat inflation are expected to continue to influence global economic activity. The IMF warns that risks remain elevated overall and forecasts growth of 3 percent for both 2023 and 2024. The currency environment is expected to remain volatile in the regions of relevance to Lenzing.

This market environment continues to weigh on the consumer climate and on sentiment in the industries relevant to Lenzing. Recently, however, the outlook brightened somewhat according to a global survey by the ITMF.*

In the trend-setting market for cotton, signs are emerging of a further buildup of stocks in the current 2022/23 crop season. Initial forecasts also see a further buildup of stocks in 2023/24, albeit to a lesser extent.

However, despite signs of recovery in both demand and raw material and energy costs, earnings visibility remains limited overall.

Lenzing is fully on track with the implementation of its reorganization and cost-cutting program. These and further measures are aimed at positioning Lenzing in the best possible way for the expected market recovery.

In structural terms, Lenzing continues to anticipate growth in demand for environmentally responsible fibers for the textile and clothing industry as well as the hygiene and medical sectors. As a consequence, Lenzing is very well positioned with its “Better Growth” strategy and plans to continue driving growth with specialty fibers as well as its sustainability goals, including the transformation from a linear to a circular economy model.

The successful implementation of the key projects in Thailand and Brazil as well as the investment projects in China and Indonesia will further strengthen Lenzing’s positioning in this respect.

Taking into consideration the aforementioned factors and assuming a further market recovery in the current financial year, the Lenzing Group continues to expect EBITDA in a range between EUR 320 mn and EUR 420 mn for 2023.

 

*Source: ITMF, 21st Global Textile Industry Survey, July 2023

Source:

Lenzing AG

01.08.2023

52nd INNATEX: Figures remain constant

  • Green Fashion community increasingly ‘thinking out of the box’

Networking and agility are in greater demand than ever – that was the conclusion at the close of the 52nd INNATEX which took place from 29 to 31 July 2023. 244 Green Fashion labels presented their collections to 1500 visitors at the international trade fair for sustainable textiles. Audience figures thus matched the level at the previous summer edition of the fair in 2022. With 244 brands, INNATEX again delivered remarkable variety, with many new exhibitors and fresh looks.

“We're pleased that our figures are remaining constant,” says Jens Frey, Managing Director of trade fair organiser MUVEO GmbH. “Undeniably, sustainable brands and the retail trade are currently living through a long period of challenges. But from our point of view, the Green Fashion sector is responding with extraordinary willpower and perseverance. Why? Out of a sense of conviction and because sustainability is the future.”

  • Green Fashion community increasingly ‘thinking out of the box’

Networking and agility are in greater demand than ever – that was the conclusion at the close of the 52nd INNATEX which took place from 29 to 31 July 2023. 244 Green Fashion labels presented their collections to 1500 visitors at the international trade fair for sustainable textiles. Audience figures thus matched the level at the previous summer edition of the fair in 2022. With 244 brands, INNATEX again delivered remarkable variety, with many new exhibitors and fresh looks.

“We're pleased that our figures are remaining constant,” says Jens Frey, Managing Director of trade fair organiser MUVEO GmbH. “Undeniably, sustainable brands and the retail trade are currently living through a long period of challenges. But from our point of view, the Green Fashion sector is responding with extraordinary willpower and perseverance. Why? Out of a sense of conviction and because sustainability is the future.”

Future-related topics were also the subject of panel talks and personal discussions at various points. A key aspect was the urgent need for cooperation agreements and networks to open up new sales channels and fields of activity. Experts at the fair also recommended an honest review of business strategies that may have outlived their usefulness. As Dr Eva Stüber of Cologne’s Institute for Retail Studies (IFH Köln) points out, “The pandemic, the war of aggression, inflation, digitalisation – there are many factors prompting a change in lifestyles and demands. What is required now is creativity. Brands and retailers can exploit new potential by, for example, checking their ranges for market relevance, being sharper in their targeting, making shopping a social event, joining up with people from entirely different areas and not immediately rejecting apparently mad ideas.”

From August 20th to 21st, 2023, the INNATEX Showroom will take place in Bern.

The 53rd INNATEX fair will be held from January 20th to January 22nd, 2024.

More information:
INNATEX green fashion
Source:

Innatex

26.07.2023

AkzoNobel publishes results for Q2 2023

Highlights Q2 2023 (compared with Q2 2022)

Highlights Q2 2023 (compared with Q2 2022)

  • Revenue 4% down on unfavorable exchange rates, 3% up in constant currencies1
  • Pricing up 5%, volumes 1% lower
  • Operating income up 36% at €279 million (2022: €205 million)
  • Adjusted operating income2 up 25% at €311 million; ROS3 11.3% (2022: €249 million and 8.7%)
  • Net cash from operating activities positive €305 million (2022: negative €52 million)

2023 Outlook
AkzoNobel expects the ongoing macro-economic uncertainties to continue and weigh on organic volume growth. The company will focus on margin management, cost reduction, working capital normalization and de-leveraging.
Cost reduction programs are expected to partly mitigate higher than expected inflationary pressure on operating expenses for 2023. AkzoNobel expects declining raw material costs to have a favorable impact on profitability.
Based on current market conditions, AkzoNobel targets to deliver €1.40 to €1.55 billion adjusted EBITDA.
The company aims to lower its leverage ratio to less than 3.4 times net debt/EBITDA, including the impact of the Kansai Paint Africa acquisition, by the end of 2023 and return to around 2 times post-2023.

More information:
AkzoNobel financial year 2023
Source:

AkzoNobel

WOW 2023 (c) INDA Association of the Nonwoven Fabrics Industry
21.07.2023

WOW 2023 with Attendance Records

INDA, the Association of the Nonwoven Fabrics Industry, announced the successful conclusion of the World of Wipes® (WOW) International Conference, July 17-20, Atlanta, Georgia. More than 495 senior-level leaders convened for new intelligence, connections, and business, which was a record turnout for the WOW event.

The 17th edition of WOW featured almost 60 tabletop exhibits, 26 presentations, and two pre-conference webinars. The program introduced Lightning Talks, “supersized elevator speeches” covering new trends, products, and ideas, and a 1.5-day revised WIPES Academy training course. WOW also featured a mentorship program for participants new to the wipes industry.

The WOW speakers shared their expert insights in these key topics:

INDA, the Association of the Nonwoven Fabrics Industry, announced the successful conclusion of the World of Wipes® (WOW) International Conference, July 17-20, Atlanta, Georgia. More than 495 senior-level leaders convened for new intelligence, connections, and business, which was a record turnout for the WOW event.

The 17th edition of WOW featured almost 60 tabletop exhibits, 26 presentations, and two pre-conference webinars. The program introduced Lightning Talks, “supersized elevator speeches” covering new trends, products, and ideas, and a 1.5-day revised WIPES Academy training course. WOW also featured a mentorship program for participants new to the wipes industry.

The WOW speakers shared their expert insights in these key topics:

  • Inflation, Supply Chain Issues, Capacity/Demand Balance
  • Plastic Policy: Closing the Intention-Action Gap
  • Sustainability and Manufacturing Practices
  • Consumer Market Data and Trends
  • Wipes Advancements
  • Transparency in the Supply Chain
  • Regulation, Innovation, Standards & Education in Flushability

World of Wipes Innovation Award®
The winner of the World of Wipes Innovation Award was the Nonwoven Wipe Using Biotransformation Technology developed by Indorama Ventures and Polymateria. This innovative 100% polypropylene spunlace wipe utilizes advanced biotransformation technology, meeting the BSI PAS 9017 specification. The wipe is compatible with mechanical recycling however, in the event it becomes fugitive, and exposed to heat, sunlight, air and moisture, will transform into a harmless, bioavailable wax at its end-of-life, returning safely to nature without leaving behind microplastics or toxins. This polypropylene wipe represents a significant leap towards eco-friendly, sustainable nonwoven hygiene products.

INDA announced that WOW 2024 will be held June 17-20, at the Hyatt Regency Minneapolis in Minneapolis, Minnesota.

More information:
INDA WOW nonwovens
Source:

INDA Association of the Nonwoven Fabrics Industry

(c) Mayer & Cie. GmbH & Co. KG
05.07.2023

Mayer & Cie. draws positive balance on ITMA 2023

From circular knitting machines and braiders via upgrades to digital solutions, Mayer & Cie. presented at ITMA 2023 a wide range of solutions that make circular knitting machines and braiding machines even more durable and thereby more valuable, for which the long-established firm received a positive visitor response.

From machinery manufacturer to solution provider
Three circular knitting machines – a Relanit 3.2 HS, an SF4-3.2 III and the OVJA 2.4 EM – and an MR-15/18C/Single Deck braiding machine took up about half the floor space of Mayer & Cie.’s ITMA stand. That reflected the weighting of the trade fair presentation. Along with high-tech circular knitting and braiding products the Mayer & Cie. focus at this year’s ITMA was on solutions that increase the value and durability of its machines. Including the digital platform knitlink, the new Control 5.0 machine control system, the camera-assisted error recognition system knithawk, almost a dozen upgrade kits for existing machines and the new oiler system Senso Blue RS.

From circular knitting machines and braiders via upgrades to digital solutions, Mayer & Cie. presented at ITMA 2023 a wide range of solutions that make circular knitting machines and braiding machines even more durable and thereby more valuable, for which the long-established firm received a positive visitor response.

From machinery manufacturer to solution provider
Three circular knitting machines – a Relanit 3.2 HS, an SF4-3.2 III and the OVJA 2.4 EM – and an MR-15/18C/Single Deck braiding machine took up about half the floor space of Mayer & Cie.’s ITMA stand. That reflected the weighting of the trade fair presentation. Along with high-tech circular knitting and braiding products the Mayer & Cie. focus at this year’s ITMA was on solutions that increase the value and durability of its machines. Including the digital platform knitlink, the new Control 5.0 machine control system, the camera-assisted error recognition system knithawk, almost a dozen upgrade kits for existing machines and the new oiler system Senso Blue RS.

Trade fair debut for Mayer & Cie. braiding machine
Mayer & Cie. also exhibited a braiding machine at ITMA for the first time. The company has integrated the braiding division at is Albstadt headquarters since 2019. “Braiding machines are a part of textile machinery,” said Mayer & Cie. Managing Partner Benjamin Maye, “but we nevertheless saw presenting the MR-15/18C/SD braider at ITMA as an experiment – and are satisfied with the result. The machine attracted a great deal of attention and we were able to make interesting contacts.”

A positive conclusion on ITMA 2023
Expectations of this year’s ITMA were moderate, Benjamin Mayer said. “War, high energy prices, inflation and recession are the signs of the times. Not even an ITMA is going to change that.” In addition, there had been serious problems with the issue of visas that had made it impossible for many potential visitors to attend the trade fair.

The Mayer & Cie. management therefore judged its success not by the general demand but by the positive visitor feedback. “For us that was an indicator of our future competitiveness,” said CEO Benjamin Mayer, “and we can definitely be sure of that with our developments.”

Source:

Mayer & Cie. GmbH & Co. KG

Graphic IVL
01.06.2023

Indorama Ventures and Carbios: MOU for PET biorecycling plant in France

Indorama Ventures Public Company Limited (IVL) and Carbios, a biotech company developing and industrializing biological solutions to reinvent the life cycle of plastic and textiles, announce the signing of a non-binding Memorandum of Understanding (MOU) to form a Joint Venture for the construction of the world’s first PET biorecycling plant in France.  

Based on and subject to the comprehensive terms set out in the MOU, Indorama Ventures plans to mobilize about €110 million for the Joint Venture in equity and non-convertible loan financing , pending final engineering documentation and final economic feasibility studies. Both parties have acknowledged their mutual support for the implementation of the project and their intent to finalize contract documentation before end 2023.

Subject to the successful performance of this first plant in France, Indorama Ventures confirms its intention to potentially expand the technology to other PET sites for future developments.

Indorama Ventures Public Company Limited (IVL) and Carbios, a biotech company developing and industrializing biological solutions to reinvent the life cycle of plastic and textiles, announce the signing of a non-binding Memorandum of Understanding (MOU) to form a Joint Venture for the construction of the world’s first PET biorecycling plant in France.  

Based on and subject to the comprehensive terms set out in the MOU, Indorama Ventures plans to mobilize about €110 million for the Joint Venture in equity and non-convertible loan financing , pending final engineering documentation and final economic feasibility studies. Both parties have acknowledged their mutual support for the implementation of the project and their intent to finalize contract documentation before end 2023.

Subject to the successful performance of this first plant in France, Indorama Ventures confirms its intention to potentially expand the technology to other PET sites for future developments.

Under the agreement signed June 1, Carbios, which filed for plant permitting in December 2022, should acquire 13ha land from Indorama Ventures’ existing PET plant at Longlaville and expects to be granted permits by Q3 2023, allowing start of construction by end of 2023 and targeted commissioning in 2025.  The land surface offers the possibility to double capacity. Pursuant to this MOU, Indorama Ventures shall ensure 100% of output repolymerization and both partners shall collaborate to secure feedstock supply.

The total capital investment for the new plant is re-estimated to be around €230 million, taking into account recent impact from inflation. Project costs shall be financed by the sums mobilized by Indorama Ventures, the French State and Grand-Est Region subsidies available for the project , and by equity capitalization of the Joint Venture by Carbios. Part of Carbios’ equity injection into the Joint Venture shall be financed by a portion of Carbios’ current cash position (i.e. €86 million as of 30 April 2023). Carbios is actively examining the best options to finance its remaining equity injection into the Joint Venture and will choose the most appropriate solution and timeline based on market conditions.

The project is part of Indorama Ventures’ Vision 2030 ambition to build on its leadership as a global sustainable chemical company. The company’s ESG commitments include spending $1.5 billion to increase its recycling capacity to 50 billion PET bottles per year by 2025 and 100 billion bottles per year by 2030. To meet these goals, Indorama Ventures, the world’s largest producer of recycled PET resin used in beverage bottles, is investing in new recycling technologies, including advanced recycling, in addition to expanding its global footprint of mechanical recycling sites, including two in France.

Carbios has developed a disruptive enzymatic depolymerization technology that enables efficient and solvent-free recycling of PET plastic and textile waste into virgin-like products with an aim to achieve true circularity. Carbios has ambitious plans to become a leading technology provider in advanced recycling of PET by 2035. After successful ongoing operations in its demonstration plant in Clermont-Ferrand in France, Carbios has been collaborating with Indorama Ventures for over a year to assess the commercial and technical feasibility of the technology. The world’s first industrial-scale enzymatic PET recycling plant at Longlaville will have a capacity to process about 50,000 tons of post-consumer PET waste per year, including waste that is not recyclable mechanically, equivalent to 2 billion PET colored bottles or 2.5 billion PET trays.

More information:
IVL Carbios biorecycling PET
Source:

IVL

(c) ACIMIT
22.05.2023

Italian Textile Machinery: Drop in orders for 2023 first quarter

The textile machinery orders index for the first quarter of 2023, as processed by the Economics Office of ACIMIT, the Association of Italian Textile Machinery Manufacturers, declined markedly compared to January-March 2022 (-35%). In absolute terms, the index stood at 84.8 points (basis: 2015=100).

This result is mainly due to a reduction in the orders intake recorded by manufacturers on foreign markets. Indeed, foreign orders dropped by 40%, whereas the domestic market showed a 14% increase. The absolute value of the index settled at 78.3 points abroad, while it measured in at 148.1 points in Italy. During this year’s first quarter, booked orders stood at 4.2 months of guaranteed production.

ACIMIT president Alessandro Zucchi stated that, “The order index for the first quarter confirm a trend of the past few quarters, where uncertainty still predominates in global markets, both in terms of a macroeconomic framework that is characterized by a penalizing inflationary trend and ongoing geopolitical tensions. This is a scenario that this does not facilitate investment plans for businesses.”

The textile machinery orders index for the first quarter of 2023, as processed by the Economics Office of ACIMIT, the Association of Italian Textile Machinery Manufacturers, declined markedly compared to January-March 2022 (-35%). In absolute terms, the index stood at 84.8 points (basis: 2015=100).

This result is mainly due to a reduction in the orders intake recorded by manufacturers on foreign markets. Indeed, foreign orders dropped by 40%, whereas the domestic market showed a 14% increase. The absolute value of the index settled at 78.3 points abroad, while it measured in at 148.1 points in Italy. During this year’s first quarter, booked orders stood at 4.2 months of guaranteed production.

ACIMIT president Alessandro Zucchi stated that, “The order index for the first quarter confirm a trend of the past few quarters, where uncertainty still predominates in global markets, both in terms of a macroeconomic framework that is characterized by a penalizing inflationary trend and ongoing geopolitical tensions. This is a scenario that this does not facilitate investment plans for businesses.”

However, this uncertainty does not appear to affect the sector’s operators, who are nonetheless permeated by a sense of optimism, as is also testified by the positive data drawn from a comparison with orders from the previous quarter (October-December 2022), for which total orders had been slightly on the rise at +3%. Indeed, the president of ACIMIT confirms that, “Manufacturers in our sector don’t lack for work, having filled up on orders last year and are now busy fulfilling them. The forecasts for 2023 remain positive”. Zucchi concluded, “I expect this confirmation of a healthy manufacturing sector to come from ITMA Milan, the world’s premier trade show dedicated to textile and clothing technologies, slated to open on June 8th at the Rho Fiera exhibition spaces. The exhibit will feature over 400 Italian manufacturers, taking up approximately 30% of the entire exhibition space. This figure is in itself a result that confirms the leadership role of Italy’s textile machinery manufacturers”.

EU Trade Highlights (c) Euratex
17.05.2023

European textile industry increasingly exposed to global pressure

"Policy makers need to consider that global dimension."
 
EURATEX released its 2023 Spring Report, which analyses latest trade flows for textiles and clothing products.

In 2022, EU trade in textiles and clothing has exceeded, for the first time in history, the €200 billion mark. This record growth of total trade is mainly due to a sharp increase of clothing imports (+36,6% in value), especially from China and Bangladesh, which outweighs Europe’s positive export performance. As a result, the EU’s trade deficit in textiles and clothing has increased to €70 billion, which is 48% higher than the year before.

Such a growing deficit is a cause for concern; the objective of the EU’s Industrial Strategy to strengthen resilience and “strategic autonomy” is not happening. Instead, the dependency has increased, and becomes critical in certain raw materials and fibres.

"Policy makers need to consider that global dimension."
 
EURATEX released its 2023 Spring Report, which analyses latest trade flows for textiles and clothing products.

In 2022, EU trade in textiles and clothing has exceeded, for the first time in history, the €200 billion mark. This record growth of total trade is mainly due to a sharp increase of clothing imports (+36,6% in value), especially from China and Bangladesh, which outweighs Europe’s positive export performance. As a result, the EU’s trade deficit in textiles and clothing has increased to €70 billion, which is 48% higher than the year before.

Such a growing deficit is a cause for concern; the objective of the EU’s Industrial Strategy to strengthen resilience and “strategic autonomy” is not happening. Instead, the dependency has increased, and becomes critical in certain raw materials and fibres.

It also challenges the Commission’s ambition is to promote – and prevail – high quality and sustainable textile products on the Single Market – regardless where they have been produced. With imports now reaching €140 billion, it will be a challenge to effectively control the quality and compliance over these imports. Market surveillance will need to be stepped up massively, without becoming a barrier to trade.

The efforts on the EU’s export performance need to be strengthened, so as to rebalance the European trade relations with the rest of the world. EU companies are world leader in high end fashion products and in technical textiles. More needs to be done to support their activities in established markets but also emerging economies. For instance, the ongoing FTA negotiations with India should focus on improving market access and ensure “fair” competition with local companies.

The EURATEX Spring Report highlights significant differences between trade in value and in volume. EU’s export of textile products has increased by 13% in value, but actually dropped by nearly 7% in volume. This obviously reflects the very high inflation figures from last year, caused initially by the rising energy prices and changing central bank policies. This in turn leads to uncertainty with the consumer, resulting in low demand and gloomy prospects for the entire value chain.

Director General Dirk Vantyghem commented on these latest figures: “This report confirms once again that “textiles” is one of the most globalised sectors of the European economy, and hence the importance of taking that global dimension into account, when designing EU and national policies. Failing to do so may have a devastating effect on the global competitiveness of the European textile industry.

Looking forward, he added: “It is essential to stabilise inflation, restore consumer confidence and ensure a level playing field for all operators in the textile industry. On that basis, European companies can prosper and offer quality jobs to 1.3 million workers”.

More information:
Euratex China Import
Source:

Euratex

05.05.2023

DyStar to exhibit at ITMA 2023

DyStar, a specialty chemical company with a heritage of more than a century in product development and innovation, will be exhibiting and presenting at ITMA, from June 8 to 14, 2023.

Mr. Eric Hopmann, Chief Commercial Officer of DyStar Group said it is great that members of the global supply chain can finally meet to exchange ideas at ITMA post-pandemic.
“The energy crisis, inflation, and climate impact have accelerated the pace of the textile supply chain’s transformation. DyStar’s innovations will help global manufacturers and producers, Brands and Retailers continue creating value-added confidence and assurance, while keeping up with transformational needs to deliver quality products without compromising sustainability.” Eric said.

DyStar’s product innovations are backed by their commitment to sustainability, and their expertise in reducing the environmental impact of the products. Their econfidence® program creates fundamental value for their customers. At ITMA, DyStar will be featuring a suite of product and process innovations which include Cadira®, Dianix®, Evo®, Indigo, Jettex®, Levafix®, Procion®, Remazol® and more.

DyStar, a specialty chemical company with a heritage of more than a century in product development and innovation, will be exhibiting and presenting at ITMA, from June 8 to 14, 2023.

Mr. Eric Hopmann, Chief Commercial Officer of DyStar Group said it is great that members of the global supply chain can finally meet to exchange ideas at ITMA post-pandemic.
“The energy crisis, inflation, and climate impact have accelerated the pace of the textile supply chain’s transformation. DyStar’s innovations will help global manufacturers and producers, Brands and Retailers continue creating value-added confidence and assurance, while keeping up with transformational needs to deliver quality products without compromising sustainability.” Eric said.

DyStar’s product innovations are backed by their commitment to sustainability, and their expertise in reducing the environmental impact of the products. Their econfidence® program creates fundamental value for their customers. At ITMA, DyStar will be featuring a suite of product and process innovations which include Cadira®, Dianix®, Evo®, Indigo, Jettex®, Levafix®, Procion®, Remazol® and more.

Source:

DyStar

03.05.2023

Lenzing: Outlook for 2023

  • Revenue grows to EUR 623.1 mn – fiber sales recovered over the course of the quarter
  • EBITDA and net result for the period down compared with the first quarter of 2022
  • Cost reduction program of more than EUR 70 mn being implemented according to plan
  • Production of TENCEL™ brand modal fibers successfully launched in China
  • Lenzing confirms guidance for 2023

The business performance of the Lenzing Group during the first quarter of 2023 largely reflected market trends. However, after the market environment had deteriorated significantly in the third and fourth quarters of the previous year, signs of recovery emerged during the first quarter in terms of demand as well as raw material and energy costs. Textile fibers recorded moderate but steadily improving demand. Business with fibers for nonwovens and with dissolving wood pulp performed better than expected. Raw material and energy costs were still at an elevated albeit decreasing level.

  • Revenue grows to EUR 623.1 mn – fiber sales recovered over the course of the quarter
  • EBITDA and net result for the period down compared with the first quarter of 2022
  • Cost reduction program of more than EUR 70 mn being implemented according to plan
  • Production of TENCEL™ brand modal fibers successfully launched in China
  • Lenzing confirms guidance for 2023

The business performance of the Lenzing Group during the first quarter of 2023 largely reflected market trends. However, after the market environment had deteriorated significantly in the third and fourth quarters of the previous year, signs of recovery emerged during the first quarter in terms of demand as well as raw material and energy costs. Textile fibers recorded moderate but steadily improving demand. Business with fibers for nonwovens and with dissolving wood pulp performed better than expected. Raw material and energy costs were still at an elevated albeit decreasing level.

Outlook
The war in Ukraine and the more restrictive monetary policy pursued by many central banks in order to combat inflation are expected to continue to influence global economic activity. The IMF warns that risks remain elevated overall and forecasts growth of 2.8 and 3 percent for 2023 and 2024 respectively. The currency environment is expected to remain volatile in the regions relevant to Lenzing.

This market environment continues to weigh on the consumer climate and on sentiment in the industries relevant to Lenzing. However, the outlook has brightened somewhat recently.

Demand picked up tangibly after the Chinese New Year. As a consequence, capacity utilization improved and stocks were further reduced both at viscose producers and at downstream stages of the value chain.

In the trend-setting market for cotton, signs are emerging of a further buildup of stocks in the current 2022/23 crop season. Initial forecasts for 2023/24 anticipate a more balanced relationship between supply and demand.

However, despite signs of recovery in both demand and raw material and energy costs, earnings visibility remains limited overall.

Lenzing is fully on track with the implementation of the reorganization and cost reduction program. These and other measures are aimed at positioning Lenzing in the best possible way for the expected market recovery.

Structurally, Lenzing continues to anticipate growth in demand for environmentally responsible fibers for the textile and clothing industry as well as for the hygiene and medical sectors. As a consequence, Lenzing is very well positioned with its “Better Growth” strategy and plans to continue driving growth with specialty fibers as well as its sustainability goals, including the transformation from a linear to a circular economy model.

The successful implementation of the key projects in Thailand and Brazil as well as the investment projects in China and Indonesia will further strengthen Lenzing’s positioning in this respect.

Taking into account the aforementioned factors and assuming a further market recovery in the current financial year, the Lenzing Group continues to expect EBITDA in a range between EUR 320 mn and EUR 420 mn for 2023.

Source:

Lenzing AG

28.04.2023

AkzoNobel publishes results for Q1 2023

Highlights Q1 2023 (compared with Q1 2022)

Highlights Q1 2023 (compared with Q1 2022)

  • Revenue up 5% and up 8% in constant currencies1
  • Pricing up 7%, more than offsetting increase of raw material and freight costs
  • Volumes 3% lower; Europe showing resilience, China rebounding
  • Operating income at €182 million (2022: €232 million); adjusted operating income2 at €218 million (2022: €230 million); ROS3 at 8.2% (2022: 9.1%)
  • Net cash from operating activities negative €50 million (2022: negative €102 million)
  • Intended acquisition of Chinese Decorative Paints business from Sherwin-Williams announced in April 2023; completion expected in the second half of 2023

2023 Outlook
AkzoNobel expects the ongoing macro-economic uncertainties to continue and weigh on organic volume growth. The company will focus on margin management, cost reduction, working capital normalization and de-leveraging.
Cost reduction programs are expected to mitigate the ongoing pressure from inflation in operating expenses for 2023. AkzoNobel expects declining raw material costs to have a favorable impact on profitability.
Based on current market conditions, AkzoNobel targets to deliver €1.2 to €1.5 billion adjusted EBITDA.
The company aims to lower its leverage ratio to less than 3.4 times net debt/EBITDA, including the impact of the Kansai Paint Africa acquisition, by the end of 2023 and return to around 2 times post-2023.

Source:

Akzo Nobel N.V.

21.04.2023

DyStar announces Restructuring Plan for Ludwigshafen Plant Facility

DyStar announces the plan to restructure its Ludwigshafen facility located in Germany. The strategic decision is made by the company in response to changing business conditions and market shifts.

Mr. Xu Yalin, Managing Director, and President of DyStar Group said, “This is an important strategic move for DyStar. We will focus on developing key emerging markets, which have been shifting over a decade. In the wake of higher energy costs and inflation, DyStar is determined to further improve cost efficiency and drive sustainable productivity as we continue to deliver the highest quality of innovative products that support the global supply chain.”

Mr. Eric Hopmann, Chief Commercial Officer of DyStar Group said, “The restructuring of this facility will be carried out in a phased manner. DyStar will diversify the production activity out of Europe and start with the reduction of manpower as a consequence. DyStar’s customers can be further assured of undisrupted supply, hence their production should not be affected as we will work closely to meet their specific requirements.”

DyStar announces the plan to restructure its Ludwigshafen facility located in Germany. The strategic decision is made by the company in response to changing business conditions and market shifts.

Mr. Xu Yalin, Managing Director, and President of DyStar Group said, “This is an important strategic move for DyStar. We will focus on developing key emerging markets, which have been shifting over a decade. In the wake of higher energy costs and inflation, DyStar is determined to further improve cost efficiency and drive sustainable productivity as we continue to deliver the highest quality of innovative products that support the global supply chain.”

Mr. Eric Hopmann, Chief Commercial Officer of DyStar Group said, “The restructuring of this facility will be carried out in a phased manner. DyStar will diversify the production activity out of Europe and start with the reduction of manpower as a consequence. DyStar’s customers can be further assured of undisrupted supply, hence their production should not be affected as we will work closely to meet their specific requirements.”

The facility has been an integral part of DyStar’s global network. DyStar inherited this facility from their founders who started the Indigo research and manufacturing more than 125 years ago.

14.04.2023

Mindestlohnerhöhung wäre Eingriff in Tarifautonomie und Inflationstreiber

Der Wirtschafts- und Arbeitgeberverband Südwesttextil sieht in den politischen Erwartungen einer deutlichen Mindestlohnerhöhung einen Eingriff in die Tarifautonomie und einen weiteren Treiber für Preissteigerungen und Inflation.

Nach der Erhöhung des Mindestlohns per Gesetz im letzten Jahr, hat Bundesarbeitsminister Hubertus Heil verkündet, mit einer deutlichen Mindestlohnerhöhung zu Beginn des nächsten Jahres zu rechnen. Ein Vorschlag hierzu soll bis Ende Juni durch die Mindestlohnkommission vorgelegt werden, die aus Vertreter*innen von Arbeitgebern und Arbeitnehmern besteht. Die Erwartungen begründet Heil mit der hohen Inflation und den Tariferhöhungen. Die westdeutsche Textil- und Bekleidungsindustrie hatte erst kürzlich in einer wirtschaftlich und tarifpolitisch äußerst schwierigen Gesamtsituation eine tarifliche Einigung erzielt.

Der Wirtschafts- und Arbeitgeberverband Südwesttextil sieht in den politischen Erwartungen einer deutlichen Mindestlohnerhöhung einen Eingriff in die Tarifautonomie und einen weiteren Treiber für Preissteigerungen und Inflation.

Nach der Erhöhung des Mindestlohns per Gesetz im letzten Jahr, hat Bundesarbeitsminister Hubertus Heil verkündet, mit einer deutlichen Mindestlohnerhöhung zu Beginn des nächsten Jahres zu rechnen. Ein Vorschlag hierzu soll bis Ende Juni durch die Mindestlohnkommission vorgelegt werden, die aus Vertreter*innen von Arbeitgebern und Arbeitnehmern besteht. Die Erwartungen begründet Heil mit der hohen Inflation und den Tariferhöhungen. Die westdeutsche Textil- und Bekleidungsindustrie hatte erst kürzlich in einer wirtschaftlich und tarifpolitisch äußerst schwierigen Gesamtsituation eine tarifliche Einigung erzielt.

Vor diesem Hintergrund sieht der Wirtschafts- und Arbeitgeberverband Südwesttextil die geäußerten Erwartungen kritisch und wertet sie als Eingriff in die Tarifautonomie. Hauptgeschäftsführerin Edina Brenner skizziert die Auswirkungen der Debatte: „Die Erhöhung des Mindestlohns befeuert die Diskussion nach hohen Tarifabschlüssen, die wiederum jetzt argumentativ als Begründung für eine weitere Erhöhung des Mindestlohns herangezogen werden. So wird eine ohnehin schon stattfindende Kettenreaktion auf die inflationäre Entwicklung verschärft. In der Konsequenz verteuern sehr deutliche Lohnsteigerungen zwangsläufig die Produktpreise unserer Textilwirtschaft, die auch die Beschäftigten als Konsument*innen mitbezahlen. Diese Spirale gefährdet Wertschöpfung, Arbeitsplätze und Wohlstand und forciert eine inflationäre Entwicklung.“

Source:

Verband der Südwestdeutschen Textil- und Bekleidungsindustrie Südwesttextil

31.03.2023

NCTO: State of the U.S. Textile Industry Address

National Council of Textile Organizations (NCTO) Chairman David Poston delivered the trade association’s State of the U.S. textile industry overview at NCTO’s 19th Annual Meeting on March 30.

Mr. Poston’s speech highlighted the impacts of macroeconomic factors on the U.S. textile industry and the resilience of the U.S. textile industry; trade and investment data showing growth in the sector across the board; and NCTO’s policy priorities for domestic textile manufacturers.

“The U.S. textile and apparel industry faced challenging macroeconomic conditions throughout the year,” Poston states in the speech. “Despite these challenges, there were also many positive trends that helped offset some of those pressures, including softening inflation towards the latter half of the year, coupled with a surge in onshoring and nearshoring that led to historic investments, commitments and expansion in the U.S. and the Western Hemisphere.”

Click here for his full remarks.

National Council of Textile Organizations (NCTO) Chairman David Poston delivered the trade association’s State of the U.S. textile industry overview at NCTO’s 19th Annual Meeting on March 30.

Mr. Poston’s speech highlighted the impacts of macroeconomic factors on the U.S. textile industry and the resilience of the U.S. textile industry; trade and investment data showing growth in the sector across the board; and NCTO’s policy priorities for domestic textile manufacturers.

“The U.S. textile and apparel industry faced challenging macroeconomic conditions throughout the year,” Poston states in the speech. “Despite these challenges, there were also many positive trends that helped offset some of those pressures, including softening inflation towards the latter half of the year, coupled with a surge in onshoring and nearshoring that led to historic investments, commitments and expansion in the U.S. and the Western Hemisphere.”

Click here for his full remarks.

15.03.2023

World of Wipes® (WOW) Program Announced

INDA announced the program for the World of Wipes® (WOW) International Conference, July 17-20, Atlanta, Georgia. Key topics include: Plastics policy: closing the “intention-action” gap, sustainable manufacturing practices, what consumers think about sustainability and how they are driving cultural change, supply chain transparency, wipes advancements, flushability developments, and a special CEO panel sharing their organizations’ approach to inflation, supply chain challenges, and capacity/demand balance.

Among the leading organizations presenting at this year’s event are: Berry Global, Birla Cellulose, Bringabouts, Bureau Veritas, Diamond Wipes, Freudenberg Performance Materials, Glatfelter, Goodwipes, Kimberly-Clark Corporation, National Cotton Council, Mango Consulting, Plastics Industry Association, Rockline Industries, Sharon Laboratories, and Trützschler Nonwovens. Program and speaker details are available on the WOW website.

INDA announced the program for the World of Wipes® (WOW) International Conference, July 17-20, Atlanta, Georgia. Key topics include: Plastics policy: closing the “intention-action” gap, sustainable manufacturing practices, what consumers think about sustainability and how they are driving cultural change, supply chain transparency, wipes advancements, flushability developments, and a special CEO panel sharing their organizations’ approach to inflation, supply chain challenges, and capacity/demand balance.

Among the leading organizations presenting at this year’s event are: Berry Global, Birla Cellulose, Bringabouts, Bureau Veritas, Diamond Wipes, Freudenberg Performance Materials, Glatfelter, Goodwipes, Kimberly-Clark Corporation, National Cotton Council, Mango Consulting, Plastics Industry Association, Rockline Industries, Sharon Laboratories, and Trützschler Nonwovens. Program and speaker details are available on the WOW website.

Two new features at WOW this year are Lightning Talks and Lunch Around. Lightning Talks are an opportunity for tabletop exhibitors to highlight their innovations in “supersized elevator speeches” to WOW participants. Lightning Talks will take place before the tabletop exhibits open Tuesday and Wednesday evenings. The Lunch Around opportunity connects participants and thought leaders from the wipes industry at select downtown Atlanta restaurants on Tuesday and Wednesday. Space is limited and is first-come, first-served.

WOW kicks off with the WIPES Academy, a comprehensive course including elements of market research, materials, chemistry, converting, and regulatory filing. This course has been redeveloped to include all aspects of wipes development from concept to commercialization. The WIPES Academy is led by Heidi Beatty, Chief Executive Officer, and Paul Davies, Ph.D., Consultant, Crown Abbey LLC. Ms. Beatty and Mr. Davies bring decades of practical experience to give participants real-world solutions for product development challenges and tools to improve processes.