From the Sector

Solvay announced the future Board of Directors of SYENSQO, effective upon completion of the planned separation of Solvay into two companies – SOLVAY and SYENSQO – which is on track to be completed in December 2023.

SYENSQO’s Board will be composed of 10 members, including 6 independent members, 3 members representing the reference shareholder, Solvac, and the company CEO. They have deep expertise in specialty industries, international business operations, risk management, corporate governance, finance and clean technology.

The following individuals will serve on the SYENSQO Board of Directors:
Rosemary Thorne will serve as independent Director and Chair of the SYENSQO Board, as well as Chair of the Board’s Finance Committee. She is currently an Independent Director on the Solvay Board of Directors, appointed in 2014, and Chair of the Board’s Audit Committee. She is also an Independent Director on the Board of Merrill Lynch International (UK), a wholly-owned subsidiary of Bank of America, serving as Chair of the Audit Committee. Ms. Thorne has decades of financial leadership experience across a wide range of industries. She previously served as Chief Financial Officer at J. Sainsbury, the UK’s largest supermarket chain at the time; Bradford & Bingley; and Ladbrokes. Ms. Thorne previously sat as an Independent Director on the Boards of Royal Mail Group, Cadbury Schweppes, Santander UK, First Global Trust Bank and Smurfit Kappa Group.

Dr. Ilham Kadri will serve as Chief Executive Officer and member of the Board of Directors of SYENSQO. She is currently CEO and President of the Executive Committee at Solvay. Ms. Kadri has successfully led the turnaround of Solvay, delivering double-digit EBITDA growth and 18 consecutive quarters of positive free cash flow, deleveraging the balance sheet and promoting superior people engagement. She is an independent Board member at A.O. Smith and L’Oréal. She is active in non-profit organizations, as Chair of the World Business Council for Sustainable Development (WBCSD), member of the steering committee of the European Round Table of Industrialists (ERT) as well as a permanent member of the World Economic Forum’s International Business Council (WEF). Ms. Kadri has extensive leadership experience across a variety of industries in four continents and with leading industrial multinationals, including Shell, UCB, Huntsman, Dow, Sealed Air. Prior to Solvay, she was CEO and President of Diversey in the USA, led the company’s return to profitability and resulting spin off and divestiture to Bain Capital. She founded two non-Profit foundations: the Solvay Solidarity Fund in Belgium in 2020 which supported more than 7000 families affected by Covid-19 and natural disasters; and founded the ISSA Hygieia Network in 2015 in the USA, to help women in the cleaning industry. She received two Doctor Honoris Clausa from EWHA University in Korea and Université de Namur in Belgium.

Julian Waldron will serve as independent Director and Chair of the Audit Committee. He currently serves as Deputy Executive Chairman of privately-held Albea Group, a global beauty and personal care packaging company which operates 35 facilities in Europe, Asia and the Americas. Mr. Waldron has held senior leadership roles at several leading listed companies in the industrial, technology and services sectors and brings a wealth of expertise in finance and business operations. Prior to joining Albea in 2022, he was Chief Financial Officer of Suez for three years after serving as Chief Financial Officer and subsequently Chief Operating Officer of Technip. He started his career at UBS Warburg where he spent 14 years. Mr. Waldron also served as an independent Board member and Chairman of finance, risk and investments at Carbon Clean, a privately-owned carbon capture company dedicated to achieving net zero.

Heike Van de Kerkhof will serve as independent Director and Chair of the Nomination Committee. She currently sits on the Board of OCI N.V.. Ms. Van de Kerkhof brings more than 30 years of experience in the chemicals, oil & gas and materials industries, having served in numerous leadership roles around the globe. From 2020 to 2023, she was Chief Executive Officer of Archroma Management, a global specialty chemicals company. During her tenure, she successfully completed the transformational acquisition of Huntsman’s Textile Effects business. Prior to her role at Archroma, Ms. Van de Kerkhof served as Vice President of Lubricants, Western Hemisphere at BP, and held positions at Castrol, The Chemours Company, and Neste Corporation. She also held many leading roles within DuPont over 18 years.

Matti Lievonen will serve as independent Director and Chair of the Compensation Committee. He is currently an independent director on the Solvay Board, appointed in 2017. Mr. Lievonen is a proven executive in the energy, forestry, power and automation industries with an extensive track record of leading businesses through climate transition. For over ten years until 2018, he served as Chairman and Chief Executive Officer of Neste Corporation, a global leader in next-generation renewable fuels and chemicals. During his time at Neste, Mr. Lievonen successfully promoted the development of clean fuels as well as Finland’s bioeconomy strategy in advancing renewable transportation fuels. He has also been involved with organizations such as Fortum Board, SSAB, Nynäs AB, Ilmarinen, and the HE Finnish Fair Foundation. Until 2021, Mr. Lievonen was also Chairman of the Board of Directors at Fortum. He has been recognized for his admirable leadership and expertise, and in 2016 was awarded an Honorary Doctorate of Technology by the Aalto University Schools of Technology.

Dr. Françoise de Viron will serve as non-independent Director, Chair of the ESG Committee and Vice-Chair of the Board. She is currently a director of the Solvay Board, appointed in 2013. Ms. de Viron is a regarded academic leader and has extensive experience in innovation, R&D and qualitative research. She is a Professor Emeritus at the Faculty of Psychology and Education Sciences and Louvain School of Management at UCLouvain in Belgium where she has been an Academic Member of various groups at UCLouvain. Ms. de Viron previously served as the president of AISBL EUCEN – the European Universities Continuing Education Network. Prior to her university position, from 1985 to 2000, she was in charge of developing Artificial Intelligence applications at Tractebel S.A. (now Tractebel-Engie).

Roeland Baan will serve as independent Director. He currently serves as President and Chief Executive Officer of Topsoe, a privately-held leading provider of clean energy and petrochemical technologies. He is also Chairman of the Supervisory Board of SBM Offshore NV. Roeland Baan has extensive experience in supply chain management, M&A, business development and operations management. Prior to joining Topsoe in 2020, he was President and CEO of Outokumpu and has held several executive roles at global organizations such as Aleris International, ArcelorMittal and SHV NV. He spent over 16 years in various roles across the globe at Shell, living in South America, in Africa and in the United Kingdom.

Edouard Janssen will serve as non-independent Director. He is currently a Director on the Solvay Board, appointed in 2021. Earlier this year, he was appointed Chief Financial Officer of D’Ieteren Group, a European leader in automotive distribution services. Mr. Janssen is also a Board member of privately-held Financière de Tubize and Union Financière Boël, as well as Co-Founder and Chair of Trusted Family. Mr. Janssen is active in academics, as Vice-Chair of the International Advisory Board of the Solvay Brussels School of Economics and Management and on the advisory board of the INSEAD HGIBS. He brings expertise in finance, strategy, entrepreneurship, business management, planning and marketing. He has served as Solvay’s Vice President in strategy and M&A between 2019 and 2021, and prior to that, he was the US-based General Manager for North- and Latin America at Solvay’s Aroma Performance Global Business Unit.
 
Dr. Mary Meaney will serve as non-independent Director. She is currently a member of the Board of Directors and of the Audit Committee of Groupe Bruxelles Lambert SA. She also sits on the Board of Directors and the Remuneration Committee of Beamery, the privately-held talent management company. She is a member of the Board of Directors and of the Finance Committee of Imperial College, London.Dr. Meaney will bring expertise in Strategy, M&A, and change management, which she acquired over a 24-year career at McKinsey. She was a Senior Partner, served on the McKinsey Shareholders Council and led McKinsey’s global Organization practice.

Nadine Leslie will serve as independent Director and is based in the United States of America. She is currently a member of the Board of Directors of Provident Financial Services , as well as a Non-Executive Director of Seven Seas Water Corporation, a water and wastewater treatment multinational company. She also sits on the Board of Trustees of Hackensack Meridian Health Network and is active as strategic consultant for civil engineering firm T&M Associates. Over a 22-year career at Suez, Ms. Leslie held several leadership positions, the last one being Chief Executive Officer of Suez North America, until 2022. Previously she served as Executive Vice President Health & Safety.

The innovative company RUDOLF has been honoured for its outstanding achievements in the field of sustainability and environmental protection and has won the coveted Responsible Care Federal Competition 2023 in the category SME.

The award was presented as part of a competition organised by the German Chemical Industry Association (VCI). Responsible Care is a voluntary initiative of the chemical industry. Its aim is continuous improvement in the areas of environmental protection, health and safety. Chemical companies and associations in more than 50 countries support the initiative. The award-winning project of the innovative company RUDOLF impressed the jury with its pioneering technology, which reduces CO2 emissions by up to 99.9 % compared to conventional cooling systems. „The project uses near-surface geothermal energy for industrial cooling - according to the motto „Efficiency First“ the most efficient way has been chosen!“ - Jury statement
 
TerraCool‘s winning system uses near-surface geothermal energy as the most natural form of cooling. It utilises the constant temperature of around 10°C at a depth of around 10 metres below ground. A specially developed heat exchanger system takes advantage of this natural cooling effect. In the future, it will be used to cool chemical production processes at RUDOLF. The main advantage of this technology is that it is CO₂ neutral. The technology is highly efficient and consumes only 0.1 % of the electricity used by conventional cooling systems.  By using natural resources, the system reduces CO₂ emissions by up to 99.9 % compared to conventional cooling systems, resulting in a very presentable carbon footprint. Another impressive aspect is its high energy efficiency. With just 1 kW of electrical energy, the system generates up to 600 kW of cooling capacity, thanks to the use of a highly energyefficient circulating pump system. Energy is, and will continue to be, a valuable „raw material“ for our industry and one that we need to manage carefully. The system is self-contained and has no contact with groundwater. No environmentally harmful refrigerants or antifreeze are required. With this technology, RUDOLF has made a pioneering contribution to the climate-neutral transformation of the economy, proving that innovative solutions can go hand in hand with environmental protection and sustainability. The Responsible Care award recognises the company‘s commitment to a greener future.

Lectra, a leader in technology solutions for the fashion, automotive and furniture industries, will be listed in the CAC Mid 60 and SBF 120 indices of Euronext as of market close on September 15, 2023. This listing will enhance the visibility of the group with potential shareholders and customers in France and internationally.

Founded 50 years ago, the Lectra Group offers software, connected cutting equipment, data analysis solutions and associated services to players in the fashion, automotive and furniture industries to accelerate their digital transformation and transition to Industry 4.0. In 2017, the company initiated its Lectra 4.0 strategy, with the ambition of becoming an indispensable player in Industry 4.0 worldwide by 2030.

For Daniel Harari, Chairman and Chief Executive Officer of Lectra: “Lectra's entry into the CAC Mid 60 and SBF 120 indices is an outstanding recognition of the successful actions we have taken over the past few years to ensure the profitable growth of our company and the success of our customers. We have changed dimension, notably with the acquisition of our historical competitor, Gerber Technology in June 2021. We have expanded our customer base, launched new cloud-based offerings which have enabled us to significantly increase the volume of SaaS software in our revenues, and offered new Customer Success Management services to support our customers. We have also made Corporate Social Responsibility (CSR) one of the pillars of our strategy.”

Founded in 2013, NOPINZ is a UK-based manufacturer of clothing for cyclists and triathletes. The company's first product was the ‘SpeedPocket’, a product that allows competitors to attach their race numbers more easily (and with ‘no pins’) while improving the all-important aerodynamics. Soon recognising the customer demand for premade attire with incorporated number pockets, the company embarked on a mission to manufacture these new product lines itself. Today, NOPINZ boasts a diverse portfolio, with 60% of its products made in-house, catering to a growing customer base across the UK and international markets. NOPINZ creates speed suits for some of the world’s top cycling teams, as well as competitive amateurs.

NOPINZ places a strong emphasis on sustainability and is committed to minimising its environmental impact. Using a microfactory approach gives better oversight and control of the manufacturing process, including sourcing materials sustainably and locally where possible, reducing transportation, and improving access to recycling. “Our ‘zero to landfill’ policy, means that we reduce our wastage where possible and either recycle or donate excess product to charity,” Blake adds. “We hope to become a B-Corp company in the future.”

“We tested out a few printers, before we ultimately settled on Mimaki,” Blake Pond, the founder of NOPINZ explained. Now the company’s line-up entirely consists of Mimaki’s textile dye sublimation solutions.
“During our search we prioritised the ability to produce fluorescence and accurately replicate colours. Customers often come to us with existing kit made by other manufacturers, which they want to match, so accurately replicating colour is extremely important. And even without existing kit, customers occasionally ask for specific pantone colours. When it comes to cycling kit, colour is often pivotal when considering where to buy from.”

As two flagship dye sublimation printers, both the TS300P-1800 and TS55-1800 are equipped to print on the various technical fabrics that are needed for cycling attire and faithfully reproduce colours to meet customer expectations.

• Revenue of US$4B, a decline of 1% QoQ and 27% YoY
• Reported EBITDA of US$321M, an increase of 7% QoQ and decrease of 68% YOY
• Operating cash flows of US$491M
• Net Operating Debt to Equity of 0.95x
• Reported EPS of THB 0.04

Indorama Ventures Public Company Limited (IVL) reported marginally improved quarterly earnings as the company’s inherent advantages and continued focus on improving competitiveness helped bolster its business amid a continued weak operating environment.

Indorama Ventures achieved Reported EBITDA of $321 million in 2Q23, an increase of 7% QoQ and a decline of 68% YoY. Sales volumes remained resilient, rising 4% QoQ, amid continued destocking in the global chemicals industry from its peak in 4Q last year. Management is taking steps to conserve cash and safeguard the company’s competitive advantages as the global industry is impacted by increased capacity and lower margins with China boosting exports to offset muted domestic demand. Measures include redoubling efforts to reduce working capital and capex targeting $500 million of cash savings this year, optimizing the company’s European manufacturing footprint, and continued focus on Project Olympus, digitalization, and organizational enhancement.

Volumes are expected to improve in the second half of the year, with all three of Indorama Ventures’ business segments benefiting from the management measures and a gradual improvement in the outlook for the industry. Combined PET, the company’s largest segment, posted Reported EBITDA of $194 million, a 37% increase QoQ as destocking eased in most markets and supported stable volumes. Sales volumes are expected to grow in the second half of the year as manufacturing is optimized in Europe and expansion projects ramp up in India.

Fibers segment achieved Reported EBITDA of $20 million, a decrease of 37% QoQ, impacted by lower margins in the Lifestyle vertical and weak demand for Hygiene products in Europe. Volumes are expected to improve as manufacturing in Europe is optimized and expansion projects come online in the U.S and India. Mobility fibers volumes will see improvement in line with increasing automotive demand. Integrated Oxides and Derivatives (IOD) segment posted a 27% decline in QoQ Reported EBITDA to $94 million amid destocking in Crop Solutions market. Volumes will continue to be supported by reducing levels of destocking in the downstream portfolio.

Indorama Ventures Public Company Limited and Sumitomo Mitsui Banking Corporation (SMBC) signed Thailand’s first sustainability-linked Trade Finance facility of US$50 million to support Indorama Ventures’ contributions to its ambitious sustainability commitment. This new facility reflects Indorama Ventures’ leadership in leveraging sustainable financing in Thailand.

The new facility is short-term working capital finance linked to the company’s sustainability performance targets, including reducing greenhouse gas (GHG) emissions intensity by 10% by 2025 (from a 2020 base), increasing post-consumer PET bale input for recycling to 750,000 tons by 2025, and boosting renewable electricity consumption to 25% by 2030.

Indorama Ventures has secured a total US$2.4 billion in long-term sustainable financing from various national and international financial institutions between 2018–2022. The funds are supporting the company’s expansion and sustainability projects in line with its strategy under Vision 2030 as a purposeful company with ESG at its core.

With total sales of EUR 1,543 million, generated by over 30 production and sales units in Europe, Asia, and America, Radici Group closed its 2022 financial year with slight growth over 2021. EBITDA reached EUR 157 million in 2022, and net income for the year was EUR 80 million.

“We are moderately pleased with the 2022 figures,” Angelo Radici, president of RadiciGroup, commented. “Despite an unpredictable and challenging year, we were able to achieve positive results. Although the rise in energy costs began to be felt in January, we managed to maintain our position in the first three months of the year due to a significant increase in demand. From the second quarter onwards, the European market experienced a significant slowdown due to the outbreak of war in Ukraine, which exacerbated the already soaring costs of energy and raw materials. The situation was completely out of hand and made worse by the fact that some raw materials were not available. This created significant challenges for us, especially in the chemical sector. We even had to stop operations at our Novara plant in the latter part of the year. Products similar to ours in the nylon supply chain from China and the US were being sold at a price lower than our variable cost.”

The president continues: “At Group level, our internationalisation strategy helped us mitigate geopolitical risks in various countries. As a result, we were able to offset the challenges in the European chemicals and textile markets by leveraging our global presence in High Performance Polymers, where our numbers have held strong. As we began 2023, we regained our footing. However, the global economic and industrial scenario for the rest of the year remains highly uncertain, and forecasts are notably cautious.”

Even in these difficult times, the Group has continued to invest. In 2022, the High Performance Polymers Business Area completed the acquisition in India of the engineering plastics branch of Ester Industries Ltd, a listed company. Additionally, it began installing two new production lines in Mexico and Brazil, and confirmed plans to install a new extrusion line at the Villa d’Ogna production site in the province of Bergamo. These choices align with the Group’s goal of enhancing its worldwide presence and boosting competitiveness in high-potential growth markets. In a year where energy and raw material costs were certainly problematic, operating in geographically diverse markets and with varied applications proved to be an important tool in addressing the challenges. In this vein, a new production site spanning over 36,000 square metres has recently been inaugurated in China. The move is aimed at doubling the production capacity in line with the market’s growth expectations.

Extending the time horizon to 2018-2022, the Group has invested over EUR 277 million to enhance the competitiveness of its companies, implement Best Available Techniques, improve energy efficiency, reduce emissions, and conduct research and development activities aimed at introducing sustainable processes and solutions. These efforts include the research and development activities of Radici InNova, which are heavily focused on the circular economy.

Dr. Laurie-Ann Agama, Acting Assistant U.S. Trade Representative (USTR) for Textiles, wrapped up a three-day visit of state-of-the art U.S. textile manufacturing facilities in North and South Carolina, highlighting the importance of trade policies that bolster the competitiveness of the vibrant domestic supply chain that contributes significantly to the U.S. economy and workforce.

Dr. Agama, who advises the nation’s top trade chief on textile and apparel trade policy matters and conducts and oversees negotiations affecting textiles and apparel products, was joined by USTR textile trade officials in touring seven textile manufacturers including: Glen Raven, Barnet, Standard Textile, Parkdale Mills, Beverly Knits, Gildan, and Unifi.

Her three-day tour culminated in an industry roundtable discussion with key textile executives hosted by Unifi, in Greensboro, N.C.

U.S. textile executives spanning the fiber, yarn, fabric, and finished product textile and apparel industries participated in the roundtable and outlined critical policies, such as: the importance of maintaining the yarn forward rule of origin in the Dominican Republic-Central America Free Trade Agreement (CAFTA-DR) and other trade agreements; advancing the Miscellaneous Tariff Bill (MTB) and its importance to domestic manufacturers; closing the de minimis loophole in U.S. trade law; addressing larger systemic trade issues, particularly the use of forced labor, with China; and upholding buy American and Berry Amendment government procurement policies.

“We deeply appreciate Assistant USTR Agama’s visit to the heart of the U.S. textile industry in North and South Carolina this week to meet with U.S. textile executives and experience first-hand the breadth of the industry’s innovation, advanced sustainability practices, capital investments and critical contributions to local economies and the U.S. economy as a whole,” said Kim Glas, president and CEO of NCTO. “The three-day visit by Dr. Agama and the USTR textile team included facility tours of several NCTO member companies, all of which have made major investments in state-of-the-art manufacturing facilities that are part of a broader domestic industry supply chain that produced $65.8 billion in output in 2022 and employed 538,000 workers.”

Glas continued: “We are also grateful for Dr. Agama’s participation in the industry roundtable hosted by Unifi and substantive discussions around policy opportunities and challenges. We look forward to working closely with Dr. Agama, the USTR textile team and U.S. Trade Representative Ambassador Katherine Tai to advance policies that provide incentives for onshoring and nearshoring production and bolstering the industry’s competitiveness, while enforcing policies that address illegal trade practices that undermine this industry.”

“The U.S. textile industry has always been resilient, innovative, and a driving force of our nation’s competitiveness,” said Acting Assistant U.S. Trade Representative for Textiles Dr. Laurie-Ann Agama. “For USTR, this local engagement and conversations underscore our need to create trade policies that put workers first and promote inclusive economic growth. The spinning, knitting, and weaving operations of the textile industry are at the center of many communities across the Carolinas. This was another opportunity to hear first-hand how we trade can create jobs that allow workers, businesses, and communities to thrive.”

June 1, the European Parliament has adopted its Report on an EU Strategy for Sustainable and Circular Textiles. The Report wants to step up the EU’s ambition towards sustainability and circularity even further, but it has failed to recognise the strategic role of the European textile industry to scale up sustainability, nor to appreciate the global competitive threat which our companies are facing.

Director General Dirk Vantyghem commented on the MEP Report: “We welcome the strong interest of the European Parliament in the textile and fashion industry, but encourage MEPs to develop a balanced vision which reconciles sustainability and competitiveness. Developing a new business model for our industry requires carefully crafted legislation at global level, and an open dialogue between the industry, the brands and the consumer.”

EURATEX supports the EU Textile Strategy, as it was presented over a year ago by the European Commission. The 160.000 European textile companies are committed to invest in sustainability, develop new circular business models and produce high quality textile products – not just in fashion, but also in home and medical textiles, construction, agriculture or cars. To do so, indeed a new regulatory framework is needed, with clear definitions, coherent rules and effective controls. But also, the companies should be able to comply with these rules and remain globally competitive.

The EP Report has failed to respect that balance between sustainability and competitiveness. Instead, it suggests even more rules and restrictions, totally disregarding the current economic challenges caused by high energy prices, loss in consumer confidence and assertive trade partners. Putting the bar even higher will simply mean that the European textile industry will be pushed out of the market, resulting in a bigger environmental footprint and increased dependency on foreign supplies. Quite the opposite of what the EU wants to achieve with its open strategic autonomy plans.

The Report also fails to differentiate between textile products. There is a mix up between fashion and technical textiles, between products made in Europe and outside, between high quality and durable products and low-quality items. It is regretful that the European Parliament did not make that distinction and simply refers to “textiles” as a general cause of concern, without acknowledging e.g. the high quality products, made by European textile and fashion companies.

The Report puts a strong responsibility on the supply side – the industry and the brands – and does not sufficiently address the role of the consumer. Initiatives therefore are essential to create a stronger demand for sustainable textiles, which includes better communication and transparency (avoid greenwashing), fiscal measures, green public procurement and better control of online marketplaces.

On a positive note, the EP Report does recognise the importance to invest in research and innovation, to support reskilling and upskilling, the need of scaling up circular economy and pay attention to the needs of SMEs. EURATEX has always insisted that such massive transition can only be successful if accompanied by significant and dedicated support programmes. The EU Textiles Transition Pathway should offer a clear perspective in this regard.

"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”.