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02.04.2023

PCMC names Windell McGill as Product Launch Manager

Paper Converting Machine Company (PCMC)—which specializes in the design and manufacture of high-performance converting machinery for the tissue, nonwovens, package-printing and bag-converting industries worldwide—announced that Windell McGill has joined the organization as the Product Launch Manager for its print business segment.

Bringing more than 25 years of print industry experience to PCMC, McGill will oversee product management, product launch and brand expansion for all PCMC print products and services.

Prior to joining PCMC, McGill was Managing Partner of ePac Atlanta, a provider of custom, high-quality flexible packaging solutions and digital printing services. Before that, he served as Business Segment Manager for flexible packaging at HP Indigo. McGill’s extensive experience also includes more than 15 years with Advanced Vision Technology, a provider of camera-based inspection equipment for the packaging market, where he held a variety of sales roles before being named President-Americas.

McGill will operate from his office in Atlanta.

Paper Converting Machine Company (PCMC)—which specializes in the design and manufacture of high-performance converting machinery for the tissue, nonwovens, package-printing and bag-converting industries worldwide—announced that Windell McGill has joined the organization as the Product Launch Manager for its print business segment.

Bringing more than 25 years of print industry experience to PCMC, McGill will oversee product management, product launch and brand expansion for all PCMC print products and services.

Prior to joining PCMC, McGill was Managing Partner of ePac Atlanta, a provider of custom, high-quality flexible packaging solutions and digital printing services. Before that, he served as Business Segment Manager for flexible packaging at HP Indigo. McGill’s extensive experience also includes more than 15 years with Advanced Vision Technology, a provider of camera-based inspection equipment for the packaging market, where he held a variety of sales roles before being named President-Americas.

McGill will operate from his office in Atlanta.

More information:
Paper Converting Machine Company PCMC packaging printer packaging

Source:

PAPER CONVERTING MACHINE COMPANY (PCMC)

23.03.2023

SGL Carbon reports for 2022 best operating result in more than ten years

Sales increase of 12.8% to €1,135.9 million
EBITDApre improves by 23.4% to €172.8 million
Net financial debt reduced from €206.3 million to €170.8 million
Fiscal 2023 expected to be investment and stabilization year

SGL Carbon was again able to improve sales and earnings in fiscal year 2022 following 2021. All four business units contributed to this success.
Sales in fiscal 2022 increased by 12.8% year-on-year to €1,135.9 million (previous year: €1,007.0 million). The rise in sales was mainly due to both volume effects and the successful implementation of pricing initiatives to compensate higher raw material, energy and transport prices. At 23.4%, adjusted EBITDA (EBITDApre) improved at a higher rate than sales and amounted to €172.8 million in fiscal 2022 (previous year: €140.0 million). Increased sales and the associated higher capacity utilization also contributed to the improvement in earnings, as well as focusing on market segments with higher margin potential.

Earnings development of SGL Carbon

Sales increase of 12.8% to €1,135.9 million
EBITDApre improves by 23.4% to €172.8 million
Net financial debt reduced from €206.3 million to €170.8 million
Fiscal 2023 expected to be investment and stabilization year

SGL Carbon was again able to improve sales and earnings in fiscal year 2022 following 2021. All four business units contributed to this success.
Sales in fiscal 2022 increased by 12.8% year-on-year to €1,135.9 million (previous year: €1,007.0 million). The rise in sales was mainly due to both volume effects and the successful implementation of pricing initiatives to compensate higher raw material, energy and transport prices. At 23.4%, adjusted EBITDA (EBITDApre) improved at a higher rate than sales and amounted to €172.8 million in fiscal 2022 (previous year: €140.0 million). Increased sales and the associated higher capacity utilization also contributed to the improvement in earnings, as well as focusing on market segments with higher margin potential.

Earnings development of SGL Carbon
The increase in EBITDApre by €32.8 million to €172.8 million was mainly driven by the Graphite Solutions business unit (+€30.6 million). The Composite Solutions (+€7.9 million) and Process Technology (+€5.2 million) business units also contributed to the improvement in profitability. Although the Carbon Fibers business unit was able to offset the loss of a lucrative supply contract with an automotive customer in terms of sales with new orders from the wind energy sector, but these sales showed a significantly lower margin level. Accordingly, EBITDApre of this business unit decreased by €11.2 million to €43.2 million (previous year: €54.5 million).

Taking into account net one-off effects and non-recurring items of €8.9 million (previous year: €30.7 million) and depreciation and amortization of €60.8 million (previous year: €60.3 million), reported EBIT amounted to €120.9 million (2021: €110.4 million). This corresponds to an increase of 9.5%.
As a result of the pleasing business performance, the successes of the transformation and non-operating one-off effects and non-recurring items (€8.9 million), a positive Group’s net profit of €126.9 million (previous year: €75.4 million) was achieved in 2022. It should be noted that consolidated net income includes tax income of €31.3 million (previous year: minus €6.2 million). This development is mainly due to valuation adjustments on deferred tax assets amounting to €41.8 million, based on the good business development combined with positive earnings prospects in the USA. Current tax expenses amounted to €11.4 million in 2022 (previous year: €11.9 million).

Net financial debt and equity
In fiscal 2022, net financial debt was reduced significantly by 17.2% to €170.8 million compared with the end of 2021 (€206.3 million). The main reason for the decrease is the repayment of financial liabilities in the amount of €29.0 million. Free cash flow decreased from €111.5 million to €67.8 million in 2022. In this context, it should be taken into account that in the previous year, free cash flow included cash inflows of €30.6 million from the sale of land not required for operations.
After 2021, the equity ratio increased again to 38.5% at the end of 2022 (previous year: 27.0% I 2020: 17.5%). Due to the significantly improved earnings situation, the return on capital employed (ROCE) also rose from 8.0% in the previous year to 11.3% in 2022.

Development of the business units
As the largest business unit with a share of Group sales of around 45%, Graphite Solutions contributed €512.2 million to Group sales in 2022 (previous year: €443.6 million). The 15.5% increase in sales is based in particular on the positive development of the important market segments Semiconductor & LED and Industrial Applications. Compared to the previous year, sales to customers in the semiconductor & LED industry increased by 49.6%, driven in particular by increasing demand of materials and components for the production of silicon carbide-based high-performance semiconductors. Combined with the increase in sales, GS EBITDApre improved by 34.8% to €118.5 million (previous year: €87.9 million). Accordingly, the EBITDApre margin increased from 19.8% to 23.1%. Volume effects due to higher sales as well as margin effects from the product and customer mix had a positive impact. Especially the higher sales with customers from the semiconductor industry should be taken into account.

In fiscal 2022, the Process Technology (PT) business unit benefited from the good order situation in recent months and increased its sales by 21.9% to €106.3 million. The main clients of the PT business unit are customers from the chemical industry. The positive development of PT is also reflected in EBITDApre which rose from €4.7 million in the same period of the previous year to €9.9 million. Higher capacity utilization and the successful passing on of increased raw material costs led to an improvement in the EBITDApre margin from 5.4% to 9.3% in 2022. Energy costs play only a minor role at PT.

In the reporting year, sales of the Carbon Fibers (CF) business unit increased by 3.0% to €347.2 million (previous year: €337.2 million). It should be noted that CF had to absorb the scheduled expiry of a supply contract with an automotive customer at the end of June 2022. These sales were offset by orders from the wind industry and Industrial Applications. However, EBITDApre in the CF division decreased by 20.7% year-on-year to €43.2 million (previous year: €54.5 million). This earnings development is mainly attributable to the expiry of the high-margin automotive contract. In addition, a special effect from energy derivatives in the amount of minus €9.2 million impacted CF earnings in the 1st quarter of 2022. However, the implemented energy price hedges enabled the business unit to maintain its production capability throughout the entire fiscal year, that the weakening of earnings was mitigated.
The Composite Solutions (CS) business unit confirmed its upward trend in fiscal 2022 with a 25.0% increase in sales to €153.1 million (previous year: €122.5 million). The most important market segment for the CS business unit is the automotive industry. In line with the highly positive business performance, EBITDApre of CS increased by 65.3% to €20.0 million (previous year: €12.1 million). This figure also includes non-recurring positive effects of €3.7 million from compensation payments received from automotive customers for premature project terminations.

The non-operating Corporate segment contributed €17.1 million to Group sales (previous year: €16.5 million). In line with continued strict cost management as part of the transformation, EBITDApre improved slightly to minus €18.8 million (previous year: minus €19.2 million).

Outlook
"If we summarize our expectations for the 2023 financial year, it can be summed up under the guiding principle: -invest and stabilize," CFO Thomas Dippold comments on the forecast for 2023.
For the fiscal year 2023 we continue to expect solid demand for our materials and products. In particular, we expect that the demand for special graphite products for high-temperature processes, e.g. in the semiconductor, solar and LED industries, will continue to increase. On the other hand, the first-time full-year effect from the expiry of a supply contract with an automotive customer in the carbon fiber segment and the sale of our business in Gardena (USA) will burden sales development.

"The increasing demand for high-performance semiconductors for electromobility or renewable forms of energy will also boost the demand of components made of graphite for the production of these semiconductors. To benefit from the related opportunities, we will expand our production capacities in this segment and invest a double-digit million amount in 2023 . Based on existing supply relationships, we will implement this investments partly together with our customers," explains CEO Dr. Torsten Derr.
On the cost side, we expect energy and raw material prices to remain at a high level in 2023, along with significant wage increases. Our forecast implies that higher factor costs can be partially passed on to customers through price initiatives.
Based on the assumptions described, we expect Group sales to be at prior-year level and EBITDApre to be between €160 million and €180 million in the financial year 2023.
In the medium term (until 2027), we anticipate a further improvement in our EBITDApre margin between 18% and 19%.

More information:
Business development SGL Carbon SE

Source:

SGL CARBON SE

09.03.2023

Rieter AG closes financial year 2022 with record sales

Sales of CHF 1 510.9 million,
Order intake of CHF 1 157.3 million in 2022; order backlog of around CHF 1 540 million as of December 31, 2022
EBIT margin of 2.1%
Implementation of action plan to increase profitability ongoing
Dividend of CHF 1.50 per share proposed

With record sales of CHF 1 510.9 million, Rieter achieved an increase of 56% compared with the previous year (2021: CHF 969.2 million). In the second half of 2022, especially in the fourth quarter, the measures introduced to address material bottlenecks had a positive impact. Consequently, sales increased to CHF 890.3 million compared with the first six months (first half-year 2022: CHF 620.6 million).

Sales of CHF 1 510.9 million,
Order intake of CHF 1 157.3 million in 2022; order backlog of around CHF 1 540 million as of December 31, 2022
EBIT margin of 2.1%
Implementation of action plan to increase profitability ongoing
Dividend of CHF 1.50 per share proposed

With record sales of CHF 1 510.9 million, Rieter achieved an increase of 56% compared with the previous year (2021: CHF 969.2 million). In the second half of 2022, especially in the fourth quarter, the measures introduced to address material bottlenecks had a positive impact. Consequently, sales increased to CHF 890.3 million compared with the first six months (first half-year 2022: CHF 620.6 million).

Order intake was CHF 1 157.3 million in 2022 (2021: CHF 2 225.7 million) and thus remained at a high level thanks to the company’s technological lead and broad international presence. The market situation, especially in the second half of 2022, was characterized by investment restraint and below-average capacity utilization at spinning mills due to geopolitical uncertainties, rising financing costs, and consumer reticence in important markets.
The company had an order backlog of around CHF 1 540 million at the end of 2022, which thus extends into 2023 and 2024.

The profit at the EBIT level in the 2022 financial year was CHF 32.2 million (2021: CHF 47.6 million). The result was strongly influenced by substantial cost increases, which could only be offset in part through price increases or other remedial measures. In addition, to compensate for material shortages, expenses were incurred in connection with the development of alternative solutions, and in relation to the acquired businesses.

Completion of the Acquisition
Rieter consolidated the acquired automatic winding machine business with effect from April 1, 2022. This acquisition completes Rieter’s system offering in the largest market segment of ring and compact spinning, thus significantly strengthening the company’s market position.

Action Plan to Increase Profitability
Implementation of the action plan to increase profitability is ongoing. With regard to the margins for the order backlog, which remains high, the already implemented price increases in combination with a positive trend in costs, particularly in logistics, are having a favorable impact. In addition, progress was made in eliminating material bottlenecks and reducing expenses for the three acquired businesses.

Dividend
The Board of Directors proposes to the shareholders the distribution of a dividend of CHF 1.50 per share for 2022. This corresponds to a payout ratio of 56%.

Outlook
For the coming months, Rieter expects below-average demand for new equipment at first, with a revival expected in the second half of 2023 after ITMA, the leading trade fair in Milan (Italy). Rieter also believes that demand for consumables, wear & tear and spare parts will recover during 2023.
For the 2023 financial year, due to the high order backlog, Rieter anticipates sales in the order of magnitude of the previous year.
The realization of sales from the order backlog continues to be associated with risks in connection with the ongoing geopolitical uncertainties, rising financing costs, continuing bottlenecks in the supply chains, and possible, currently unforeseeable consequences of the earthquake in Türkiye in February 2023. Despite the price increases already implemented, further global cost increases continue to pose a risk to the growth of profitability. Rieter will specify the outlook in the 2023 semi-annual report.

More information:
Rieter Holding AG Rieter Group financial year 2022

Source:

Rieter Holding AG

08.03.2023

adidas announces changes to its Executive Board

The Supervisory Board of adidas AG has extended the appointment of Harm Ohlmeyer as Chief Financial Officer of the company by another three years until the beginning of 2028. Harm Ohlmeyer has been member of the Executive Board of adidas AG since March 2017 and the company’s CFO since May 2017.

At the same time, the Supervisory Board appointed Arthur Hoeld as Executive Board member, responsible for Global Sales, as of April 1, 2023. Hoeld has been with adidas for 25 years, most recently as Managing Director of the company’s EMEA region since 2018. He will succeed Roland Auschel, who has decided to step down from his role, pass on the baton and leave the company after 33 years with adidas, including ten years as an Executive Board member.

The Supervisory Board of adidas AG has extended the appointment of Harm Ohlmeyer as Chief Financial Officer of the company by another three years until the beginning of 2028. Harm Ohlmeyer has been member of the Executive Board of adidas AG since March 2017 and the company’s CFO since May 2017.

At the same time, the Supervisory Board appointed Arthur Hoeld as Executive Board member, responsible for Global Sales, as of April 1, 2023. Hoeld has been with adidas for 25 years, most recently as Managing Director of the company’s EMEA region since 2018. He will succeed Roland Auschel, who has decided to step down from his role, pass on the baton and leave the company after 33 years with adidas, including ten years as an Executive Board member.

Furthermore, Brian Grevy, Executive Board member of adidas AG, responsible for Global Brands, has informed adidas AG’s Supervisory Board that he will step down from the Executive Board and leave the company. In mutual agreement with Brian Grevy, the Supervisory Board approved the termination of his appointment as an Executive Board member as of March 31, 2023. adidas CEO Bjørn Gulden will assume responsibility for Global Brands. In this role, Gulden will lead adidas product and marketing activities, which will enable the required fast decision-making across all business units and departments.

Thomas Rabe thanked Brian Grevy for his many important contributions during his years of service with the company. Grevy initially joined adidas in 1998 and held leadership positions of increasing responsibility for adidas on a local, regional and global level before leaving the company in 2016. At the beginning of 2020, Brian Grevy returned to adidas as the company’s Executive Board member for Global Brands.

As of April 1, 2023, the company’s new Executive Board will consist of Bjørn Gulden (Chief Executive Officer and Global Brands), Arthur Hoeld (Global Sales), Harm Ohlmeyer (Chief Financial Officer), Amanda Rajkumar (Global Human Resources, People and Culture) and Martin Shankland (Global Operations).

More information:
adidas executive board

Source:

adidas AG

22.02.2023

Rieter: First information on the financial year 2022

Sales of CHF 890.3 million in second half-year 2022
EBIT margin of around 2% expected for full year 2022
Order intake of CHF 1 157.3 million in 2022; order backlog of around CHF 1 540 million as of December 31, 2022
Preparations for ITMA 2023 on schedule
Implementation of action plan to increase sales and profitability ongoing
Rieter site sales process on schedule

For Rieter, in addition to the geopolitical uncertainties, the 2022 financial year was characterized by three main challenges:
Due to the rapid rise in inflation, the exceptionally high order backlog of around CHF 1 840 million at the beginning of 2022 was processed at significantly higher costs. It was only possible to offset these higher costs in part by means of price increases and other remedial measures.

In order to safeguard deliveries, it was necessary to compensate for serious material bottlenecks, particularly in electronic components, which resulted in considerable additional development expenditure.

Sales of CHF 890.3 million in second half-year 2022
EBIT margin of around 2% expected for full year 2022
Order intake of CHF 1 157.3 million in 2022; order backlog of around CHF 1 540 million as of December 31, 2022
Preparations for ITMA 2023 on schedule
Implementation of action plan to increase sales and profitability ongoing
Rieter site sales process on schedule

For Rieter, in addition to the geopolitical uncertainties, the 2022 financial year was characterized by three main challenges:
Due to the rapid rise in inflation, the exceptionally high order backlog of around CHF 1 840 million at the beginning of 2022 was processed at significantly higher costs. It was only possible to offset these higher costs in part by means of price increases and other remedial measures.

In order to safeguard deliveries, it was necessary to compensate for serious material bottlenecks, particularly in electronic components, which resulted in considerable additional development expenditure.

Major expenses were also incurred in connection with the acquired businesses (Accotex, Temco and Winder).

Sales
The realization of sales from the exceptionally high order backlog developed better than expected. With sales of CHF 1 510.9 million, Rieter achieved an increase of 56% compared with the previous year (2021: CHF 969.2 million). In the second half of 2022, especially in the fourth quarter, the measures introduced to address material bottlenecks had a positive impact. Consequently, sales increased to CHF 890.3 million compared with the first six months (first half-year 2022: CHF 620.6 million).

EBIT margin
The trend in the EBIT margin was strongly influenced by substantial cost increases, which could only be offset in part through price increases and other remedial measures. In addition, to compensate for material shortages, expenses were incurred in connection with the development of alternative solutions and the acquired businesses.

Rieter succeeded in improving profitability compared with the first half of 2022 due to the higher sales volume and offsetting measures to compensate for increased costs, and expects a positive EBIT margin of around 2% for the full year 2022 (2021: 4.9%).

Order intake
In line with expectations, the order intake of CHF 1 157.3 million in 2022 was below the record year of 2021 (CHF 2 225.7 million). The market situation is characterized by investment restraint due to geopolitical uncertainties, higher financing costs and consumer reticence in important markets.

Order backlog
The company had an order backlog of around CHF 1 540 million at the end of 2022, which thus extends well into 2023 and 2024. In 2022, Rieter recorded order cancellations of less than 10% of the order backlog of CHF 1 840 million at the beginning of the year.

Preparations for ITMA 2023 on schedule
Rieter has continued to boost its innovative capability and, in order to further extend its technology leadership, will present new innovative solutions at ITMA 2023 in Milan.

Action plan to increase sales and profitability
Implementation of the action plan to increase sales and profitability is ongoing. With regard to the profitability of the order backlog, which remains high, the implemented price increases in combination with a favorable trend in costs, particularly in logistics, are having an impact. In addition, progress was made in eliminating material bottlenecks and reducing expenses for the three acquired businesses.

Rieter site sales process
The sales process for the remaining land at the Rieter site in Winterthur (Switzerland) is proceeding according to plan. In total, around 75 000 m² of land will be sold. The Rieter CAMPUS is not part of this transaction.

Results press conference 2023
Rieter will provide further details on the 2022 financial year and an outlook for the 2023 financial year on March 9, 2023.

More information:
Rieter financial year 2022

Source:

Rieter Holding AG

22.02.2023

Italian Textile Machinery Manufacturers at INDEX 2023

INDEX, a leading nonwovens exhibition, will take place in Geneva. About 90 Italian exhibitors will be present at this edition, including over 40 machinery manufacturers. As in past editions, ITA – Italian Trade Agengy, in cooperation with ACIMIT, the Association of Italian Textile Machinery Manufacturers, has organized an exhibition space reserved for companies manufacturing machinery for the sector. There will be 12 exhibiting companies in the Italian pavilion. Of these, the ACIMIT members are: Bematic, Bombi, Bonino, Dell’Orco & Villani, Ferraro, Loptex, Ommi, Rf Systems, Texera, Zappa Macchine. Other ACIMIT member companies will exhibit fair with their own booths.

The nonwovens sector has grown significantly in recent years. According to EDANA, the association grouping European companies operating in the sector, after the impressive growth in the previous year, the production volume of nonwovens grew by 2% in 2021, exceeding 3 million tonnes.

INDEX, a leading nonwovens exhibition, will take place in Geneva. About 90 Italian exhibitors will be present at this edition, including over 40 machinery manufacturers. As in past editions, ITA – Italian Trade Agengy, in cooperation with ACIMIT, the Association of Italian Textile Machinery Manufacturers, has organized an exhibition space reserved for companies manufacturing machinery for the sector. There will be 12 exhibiting companies in the Italian pavilion. Of these, the ACIMIT members are: Bematic, Bombi, Bonino, Dell’Orco & Villani, Ferraro, Loptex, Ommi, Rf Systems, Texera, Zappa Macchine. Other ACIMIT member companies will exhibit fair with their own booths.

The nonwovens sector has grown significantly in recent years. According to EDANA, the association grouping European companies operating in the sector, after the impressive growth in the previous year, the production volume of nonwovens grew by 2% in 2021, exceeding 3 million tonnes.

“The growth in nonwovens production has also driven the demand of machinery for nonwovens, comments Alessandro Zucchi, president of ACIMIT. The Italian technological supply has consequently expanded. At the 2023 INDEX edition, the presence of a significant number of Italian machinery manufacturers testifies their desire to play a leading role also in the production of machinery for nonwovens”.

The trend of Italian exports testifies the strong increase in production of nonwovens machinery. Indeed in 2021 Italian sales abroad reached a value of 102 million euro (+77% over the previous year) and in the first nine months of 2022, the value of Italian exports stood at 92 million euro.

More information:
ACIMIT INDEX nonwovens Italian textile machinery

Source:

Acimit

10.02.2023

adidas: Top- and bottom-line outlook for 2023

adidas published its financial guidance for 2023. While the company continues to review future options for the utilization of its Yeezy inventory, this guidance already accounts for the significant adverse impact from not selling the existing stock. This would lower revenues by around € 1.2 billion and operating profit by around € 500 million this year. Against this background, adidas expects currency-neutral sales to decline at a high-single-digit rate in 2023. The company’s underlying operating profit is projected to be around the break-even level.

Should the company irrevocably decide not to repurpose any of the existing Yeezy product going forward, this would result in the write-off of the existing Yeezy inventory and would lower the company’s operating profit by an additional € 500 million this year. In addition, adidas expects one-off costs of up to € 200 million in 2023. These costs are part of a strategic review the company is currently conducting aimed at reigniting profitable growth as of 2024.

If all these effects were to materialize, the company would expect to report an operating loss of € 700 million in 2023.

adidas published its financial guidance for 2023. While the company continues to review future options for the utilization of its Yeezy inventory, this guidance already accounts for the significant adverse impact from not selling the existing stock. This would lower revenues by around € 1.2 billion and operating profit by around € 500 million this year. Against this background, adidas expects currency-neutral sales to decline at a high-single-digit rate in 2023. The company’s underlying operating profit is projected to be around the break-even level.

Should the company irrevocably decide not to repurpose any of the existing Yeezy product going forward, this would result in the write-off of the existing Yeezy inventory and would lower the company’s operating profit by an additional € 500 million this year. In addition, adidas expects one-off costs of up to € 200 million in 2023. These costs are part of a strategic review the company is currently conducting aimed at reigniting profitable growth as of 2024.

If all these effects were to materialize, the company would expect to report an operating loss of € 700 million in 2023.

In 2022, based on preliminary unaudited numbers, adidas revenues increased 1% in currencyneutral terms. In reported terms, sales were up 6% to € 22,511 million during the 12-months period (2021: € 21,234 million). The company’s gross margin reached a level of 47.3% (2021: 50.7%) in 2022. adidas generated an operating profit of € 669 million last year (2021: € 1,986 million), reflecting an operating margin of 3.0% (2021: 9.4%). Net income from continuing operations was € 254 million in 2022 (2021: € 1,492 million).

More information:
adidas financial year 2023 Textile and clothing industry

Source:

adidas AG

20.01.2023

Asia meets EMEA: Assyst and Style3D join forces

Style3D is sole shareholder of Assyst
Integration of both product lines from 3D design to production
Assyst remains independent within Style3D

Assyst GmbH is as of now part of Style3D. The German fashion technology market leader and the leading 3D software company are joining forces. For Assyst customers and partners nothing will change.

Die Assyst GmbH betreibt ihre Geschäfte weiterhin eigenständig, entwickelt alle ihre Produkte weiter und strebt mit Style3D eine gemeinsame, durchgängige Produktwelt an. Der erste gemeinsame Auftritt des Assyst-Style3D-Teams findet bereits auf der Assyst Experience im Rahmen der Munich Fabric Start (24.-26. Januar 2023) statt.

Assyst will continue to operate its business independently and to develop, sell, and service all its existing products. Style3D and Assyst will start to integrate their products into a universal, seamless product world. The Assyst-Style3D team will make its first joint appearance already at the end of January at the Assyst Experience at Munich Fabric Start (24-26 January 2023).

Style3D is sole shareholder of Assyst
Integration of both product lines from 3D design to production
Assyst remains independent within Style3D

Assyst GmbH is as of now part of Style3D. The German fashion technology market leader and the leading 3D software company are joining forces. For Assyst customers and partners nothing will change.

Die Assyst GmbH betreibt ihre Geschäfte weiterhin eigenständig, entwickelt alle ihre Produkte weiter und strebt mit Style3D eine gemeinsame, durchgängige Produktwelt an. Der erste gemeinsame Auftritt des Assyst-Style3D-Teams findet bereits auf der Assyst Experience im Rahmen der Munich Fabric Start (24.-26. Januar 2023) statt.

Assyst will continue to operate its business independently and to develop, sell, and service all its existing products. Style3D and Assyst will start to integrate their products into a universal, seamless product world. The Assyst-Style3D team will make its first joint appearance already at the end of January at the Assyst Experience at Munich Fabric Start (24-26 January 2023).

Both companies are deeply rooted in apparel development and production: Style3D in Asia and Assyst in EMEA. Together, they are planning to create a global product offering for producers and brands that covers the entire apparel value chain from development to production and the various sales touchpoints.

Starting point will be the integration of the flagship products of both companies – Style3D and Assyst.CAD. Style3D is currently the most advanced 3D fashion design software with a high growth rate globally. While Assyst is market leader with its 2D CAD technology in Germany, Austria, Italy and Switzerland and offers a seamless software portfolio from 2D and 3D CAD to production (Automarker) and to all sales touchpoints.

Major driver of the merger is the companies’ complimentary technology offering and the vision to create a seamless digital process from providing digital fabric and accessories up to the realization of products.

The merger also strengthens Assyst's competitive position in the 3D design sector. Style3D, in turn, will benefit from Assyst's expertise in the development, CAD and digital simulation of apparel products and the access to the international market.

Looking ahead to the future, both parties will offer 2D-based & 3D-based one-stop solutions for business clients leveraging on their global tech base and complementary serviceable resource dominance. On January 24-26, the Assyst-Style3D team will meet clients and present its products at the Assyst Experience at Munich Fabric Start.

More information:
Assyst Assyst Style3D CAD/CAM 3D-software

Source:

Assyst GmbH

(c) FET Ltd

17.01.2023

FET looks forward following sucessful year

Fibre Extrusion Technology Limited (FET) of Leeds, England, a supplier of laboratory and pilot melt spinning systems, is celebrating a record breaking year of sales and product innovation. “Sales revenue for 2022 has easily beaten our previous high” said FET Managing Director, Richard Slack “and the research projects we have collaborated in have become increasingly challenging in terms of technical specification.”

Prestigious new projects during 2022 included a multifilament melt spinning line for Senbis Polymer Innovations, Netherlands enabling the development of textile fibres from recycled polymers or biopolymers; a FET-200LAB wet spinning system at the University of Manchester which will play a major part in advanced materials research in collaboration with the renowned Henry Royce Institute; and a FET-103 Monofilament line for RHEON LABS of London to help develop a hyper viscoelastic fibre from RHEON™ which displays high strain-rate sensitive properties. The latter two of these examples were aided by significant UK grants to develop advanced materials.

Fibre Extrusion Technology Limited (FET) of Leeds, England, a supplier of laboratory and pilot melt spinning systems, is celebrating a record breaking year of sales and product innovation. “Sales revenue for 2022 has easily beaten our previous high” said FET Managing Director, Richard Slack “and the research projects we have collaborated in have become increasingly challenging in terms of technical specification.”

Prestigious new projects during 2022 included a multifilament melt spinning line for Senbis Polymer Innovations, Netherlands enabling the development of textile fibres from recycled polymers or biopolymers; a FET-200LAB wet spinning system at the University of Manchester which will play a major part in advanced materials research in collaboration with the renowned Henry Royce Institute; and a FET-103 Monofilament line for RHEON LABS of London to help develop a hyper viscoelastic fibre from RHEON™ which displays high strain-rate sensitive properties. The latter two of these examples were aided by significant UK grants to develop advanced materials.

FET is now looking forward to 2023 with a record order book. The company’s newly opened Fibre Development Centre features over £1.5 million investment in customer laboratory systems that will further enable fibre trials and product R&D. Three new polymer types were developed with clients in 2022 and several more are lined up in 2023, which is expected to bring the total of different polymer types to more than 40 in multifilament, monofilament and nonwoven formats.

FET will be exhibiting at two major exhibitions in 2023; INDEX 23, a leading Nonwovens show at Geneva in April; and ITMA, Milan, an international textile and garment technology exhibition in June.

More information:
FET meltspinning spinning machinery polymers

Source:

FET Ltd

13.01.2023

MS Printing Solutions and JK Group announce Christopher Bernat as General Manager

MS Printing Solutions and JK Group announce the appointment of Christopher Bernat as General Manager of North America and the Caribbean markets. He will be the main point of contact for overall business in the region. Chris joins MS Printing Solutions and JK Group with over 20 years of industry experience.

He was Director of Sales at Sawgrass Technologies prior to starting Vapor Apparel in 2004. He currently serves on the Executive Committee and Board of Directors of Printing United and resides in Charleston, South Carolina.

MS Printing Solutions and JK Group announce the appointment of Christopher Bernat as General Manager of North America and the Caribbean markets. He will be the main point of contact for overall business in the region. Chris joins MS Printing Solutions and JK Group with over 20 years of industry experience.

He was Director of Sales at Sawgrass Technologies prior to starting Vapor Apparel in 2004. He currently serves on the Executive Committee and Board of Directors of Printing United and resides in Charleston, South Carolina.

More information:
MS PRINTING JK Group Manager North America U.S. textile industry

Source:

JK Group SpA

Photo Pixabay

13.01.2023

Zünd: New subsidiary in Spain

As of the beginning of 2023, Zünd Systemtechnik AG acquired its long-standing sales partner Sign-Tronic S.A, which is based in Barcelona.

Sign-Tronic S.A. has been a wholly owned subsidiary of Zünd Systemtechnik AG since the start of 2023 and now operates under the name Zund Ibérica. Sign-Tronic S.A. was established in 1990 and has been an official sales and service partner of Zünd Systemtechnik AG since 1994. Zund Ibérica serves numerous customers in Spain, Portugal and Andorra.

Jordi Lorente is the new CEO of Zund Ibérica. For the time being, he will be actively supported by the previous co-owner and Managing Director Flemming Jensen. Rosa Miralles, also a co-owner, will continue to work in an executive capacity at Zund Ibérica.

As of the beginning of 2023, Zünd Systemtechnik AG acquired its long-standing sales partner Sign-Tronic S.A, which is based in Barcelona.

Sign-Tronic S.A. has been a wholly owned subsidiary of Zünd Systemtechnik AG since the start of 2023 and now operates under the name Zund Ibérica. Sign-Tronic S.A. was established in 1990 and has been an official sales and service partner of Zünd Systemtechnik AG since 1994. Zund Ibérica serves numerous customers in Spain, Portugal and Andorra.

Jordi Lorente is the new CEO of Zund Ibérica. For the time being, he will be actively supported by the previous co-owner and Managing Director Flemming Jensen. Rosa Miralles, also a co-owner, will continue to work in an executive capacity at Zund Ibérica.

Zund Ibérica currently employs 15 people. With more than 1,000 cutters installed, Zund Ibérica is one of the most experienced distributors of both digital cutting systems and software and workflow solutions on the Iberian market. It has its own showroom, which allows customers and interested parties to experience the many possibilities of Zünd’s digital cutting technology in person. Its staff consists of proven experts in consulting, training, installation, and service.

More information:
Zünd Systemtechnik AG acquisition Spain

Source:

Zünd Systemtechnik AG

13.01.2023

DyStar: Global market changes cause leadership adaptions

Yalin Xu has been appointed Managing Director and President of DyStar Group by the Board of Directors. He will be directly responsible for the management and operations of DyStar Group. Mr Xu first joined DyStar in 2010 and has since been the Executive Board Director.

Eric Hopmann has been redesignated as CCO (Chief Commercial Officer), with a focus on Sales and Marketing of DyStar Group. He will continue to report to Yalin Xu. Mr Hopmann was with DyStar when the company started in 1995 and has been leading various leadership positions at DyStar Group, including the most recent CEO role, to which he was appointed in 2014.

DyStar’s leadership change is in response to the rapid global market changes, and to enable the group to accelerate growth and drive productivity. The group wants to streamline their operations and better utilise resources efficiently across the network.

Yalin Xu has been appointed Managing Director and President of DyStar Group by the Board of Directors. He will be directly responsible for the management and operations of DyStar Group. Mr Xu first joined DyStar in 2010 and has since been the Executive Board Director.

Eric Hopmann has been redesignated as CCO (Chief Commercial Officer), with a focus on Sales and Marketing of DyStar Group. He will continue to report to Yalin Xu. Mr Hopmann was with DyStar when the company started in 1995 and has been leading various leadership positions at DyStar Group, including the most recent CEO role, to which he was appointed in 2014.

DyStar’s leadership change is in response to the rapid global market changes, and to enable the group to accelerate growth and drive productivity. The group wants to streamline their operations and better utilise resources efficiently across the network.

More information:
DyStar

Source:

DyStar Singapore Pte Ltd

09.01.2023

Autoneum takes over automotive business of Borgers Group

January, 6 Autoneum signed an agreement to acquire the automotive business of Borgers. The transaction is expected to close in April 2023 following antitrust clearance. The enterprise value paid amounts to EUR 117 million.

Borgers specializes in textile acoustics protection, insulation and trim for automobiles. The product and customer range of Borgers is to a great extent complementary to the product and customer portfolio of Autoneum. Borgers’ wheel arch liner and trunk liner product lines as well as their truck business optimally complement the product range of Autoneum. Especially in the field of textile wheel arch liners, Borgers is the market leader in Europe. In addition, Borgers’ product range is distinguished by sustainable and fully recyclable products. In fiscal year 2021, the Borgers Automo-tive Group generated revenue of EUR 610 million with around 4 700 employees. Thanks to Autoneum’s global presence, the Borgers product portfolio adds to the sales potential for profitable growth in the medium term outside Europe.

January, 6 Autoneum signed an agreement to acquire the automotive business of Borgers. The transaction is expected to close in April 2023 following antitrust clearance. The enterprise value paid amounts to EUR 117 million.

Borgers specializes in textile acoustics protection, insulation and trim for automobiles. The product and customer range of Borgers is to a great extent complementary to the product and customer portfolio of Autoneum. Borgers’ wheel arch liner and trunk liner product lines as well as their truck business optimally complement the product range of Autoneum. Especially in the field of textile wheel arch liners, Borgers is the market leader in Europe. In addition, Borgers’ product range is distinguished by sustainable and fully recyclable products. In fiscal year 2021, the Borgers Automo-tive Group generated revenue of EUR 610 million with around 4 700 employees. Thanks to Autoneum’s global presence, the Borgers product portfolio adds to the sales potential for profitable growth in the medium term outside Europe.

Autoneum is acquiring Borgers from insolvency and has agreed new pricing and delivery terms with its customers. These will ensure sustained profitability and the further development of product and process technologies in both the short and long term.

The transaction will initially be financed through a new credit facility which is available in addition to the syndicated loan of CHF 350 million renewed in October 2022. A capital increase in the amount of approximately CHF 100 million is planned for the long-term refinancing of the acquisition. Autoneum’s two largest shareholders, Artemis Beteiligungen I AG and PCS Holding AG, have agreed to participate in the capital increase in proportion to their current shareholdings. Even taking into account the aforementioned capital increase, the transaction will generate a positive earn-ings per share contribution from the outset.

More information:
Borgers Autoneum automotive textiles

Source:

Autoneum Management AG

Photo: Riri

16.12.2022

Oerlikon to Acquire Riri

Building Leadership Position in Luxury Market

Oerlikon announced that it has signed a definitive agreement to acquire Riri, a leading provider of coated metal accessories for the luxury fashion industry. This transaction marks a milestone in Oerlikon’s growth strategy and diversifies Surface Solutions’ offerings and market access. The transaction is expected to close in the first quarter 2023, subject to regulatory approvals and standard closing conditions.

“Riri is highly complementary to our existing luxury business and will reinforce our fashion jewelry and metallic components for leather goods. It is the ideal next step after our acquisition of Coeurdor in 2021 and will make us a market leader and an integrated provider with a complete offering of coated luxury metalware for high-end fashion brands,” said Michael Suess, Executive Chairman, Oerlikon. “The acquisition will drive cross-selling and strengthen our footprint in the global luxury metalware market, which sees mid- to-high single-digit growth rates annually.”

Building Leadership Position in Luxury Market

Oerlikon announced that it has signed a definitive agreement to acquire Riri, a leading provider of coated metal accessories for the luxury fashion industry. This transaction marks a milestone in Oerlikon’s growth strategy and diversifies Surface Solutions’ offerings and market access. The transaction is expected to close in the first quarter 2023, subject to regulatory approvals and standard closing conditions.

“Riri is highly complementary to our existing luxury business and will reinforce our fashion jewelry and metallic components for leather goods. It is the ideal next step after our acquisition of Coeurdor in 2021 and will make us a market leader and an integrated provider with a complete offering of coated luxury metalware for high-end fashion brands,” said Michael Suess, Executive Chairman, Oerlikon. “The acquisition will drive cross-selling and strengthen our footprint in the global luxury metalware market, which sees mid- to-high single-digit growth rates annually.”

“Our portfolio, particularly in zippers and buttons, is an excellent fit to Oerlikon’s strengths in coated metal-based fashion components. Together, we are ideally positioned in Italy and France – the two major European fashion hubs – and can provide a complete offering to fashion customers,” said Renato Usoni, CEO, Riri. “We are excited to join Oerlikon as it will allow us to accelerate the luxury goods industry’s sustainability transition to greener technology by applying technologies such as Oerlikon’s PVD¹.”

Riri, headquartered in Mendrisio, Switzerland, is a market leader in metal accessories manufacturing, with a wide product range and unique offering. The company supplies global leading brands in the luxury fashion industry and has a strong foothold in the Italian luxury market. The company has more than 1 100 employees and expects to generate sales of EUR ~170 million (CHF ~165 million) in 2022.

¹ PVD, or physical vapor deposition, coating is a thin-film coating solution that is more environmentally friendly than traditional processes such as chrome plating.

More information:
Oerlikon Druckknopf, Riri, Open Innovation Projekt Riri Group

Source:

Menabo for Riri

Photo: Baldwin Technology Company Inc.

Adina Starke

13.12.2022

Adina Starke joins Baldwin Technology as West Coast Regional Sales Manager

Baldwin Technology Co. Inc. has appointed Adina Starke, a seasoned print and packaging professional with wide-ranging expertise, as Regional Sales Leader for the West Coast.

At Baldwin Technology Company Inc., a leading global manufacturer and supplier of innovative process-automation equipment, parts, service and consumables for the printing, packaging, textile, plastic film extrusion and corrugated industries, Starke will be responsible for all product sales to print and packaging professionals in Washington, Idaho, Oregon, California, Nevada, Arizona, Utah, Alaska and western Canada.

Starke has spent the past 15 years in various technical and sales roles in the print and packaging industry. Most recently, she spent four years with All Printing Resources (formerly JVI Solutions), as a Territory Manager and a Technical Sales and Business Development Representative. Prior to that, she spent several years with Lohmann Specialty Coating and Sun Chemical.

Starke graduated from Clemson University with a Bachelor of Science degree in Graphic Communications.

Baldwin Technology Co. Inc. has appointed Adina Starke, a seasoned print and packaging professional with wide-ranging expertise, as Regional Sales Leader for the West Coast.

At Baldwin Technology Company Inc., a leading global manufacturer and supplier of innovative process-automation equipment, parts, service and consumables for the printing, packaging, textile, plastic film extrusion and corrugated industries, Starke will be responsible for all product sales to print and packaging professionals in Washington, Idaho, Oregon, California, Nevada, Arizona, Utah, Alaska and western Canada.

Starke has spent the past 15 years in various technical and sales roles in the print and packaging industry. Most recently, she spent four years with All Printing Resources (formerly JVI Solutions), as a Territory Manager and a Technical Sales and Business Development Representative. Prior to that, she spent several years with Lohmann Specialty Coating and Sun Chemical.

Starke graduated from Clemson University with a Bachelor of Science degree in Graphic Communications.

More information:
Baldwin Technology Company Inc. Baldwin

Source:

Baldwin Technology Company Inc.

(c) Brückner / TEXCOM

from left to right: Ronaldo Huber (MAPEKO), Esteban Scigliano (TEXCOM) and Rodrigo Huber (MAPEKO) in front of one of the two new BRÜCKNER POWER-FRAME stenters

06.12.2022

TEXCOM started up BRÜCKNER POWER-FRAME stenters

TEXCOM has recently started up two new BRÜCKNER POWER-FRAME stenters for knitted fabric with eight compartments and lubrication-free vertical chain and direct gas heating. This is already the 5th BRÜCKNER line purchased by TEXCOM and the successful continuation of the cooperation with BRÜCKNER since 1979. The third member of this successful alliance is the commercial agency, MAPEKO, which has been active for BRÜCKNER for several decades and in the 3rd generation.

With 3 production plants, a commercial office and 6 sales stores distributed around the country, TEXCOM manufactures and distributes knitted fabrics for a highly demanded market, where sports, technical, fashion and workwear fabrics stand out. The company's own developments, such as Twintex, Polisap, Neodry, Sense, Texcom antibacterial, among other brands, are perfect for sports and leisure due to their technical attributes. The company attaches great importance to the fact that all processed materials have the appropriate current environmental certificate (Öko Tex Standard 100, BlueSign and ZDHC)and efficient as well as responsible chemicals are used.

TEXCOM has recently started up two new BRÜCKNER POWER-FRAME stenters for knitted fabric with eight compartments and lubrication-free vertical chain and direct gas heating. This is already the 5th BRÜCKNER line purchased by TEXCOM and the successful continuation of the cooperation with BRÜCKNER since 1979. The third member of this successful alliance is the commercial agency, MAPEKO, which has been active for BRÜCKNER for several decades and in the 3rd generation.

With 3 production plants, a commercial office and 6 sales stores distributed around the country, TEXCOM manufactures and distributes knitted fabrics for a highly demanded market, where sports, technical, fashion and workwear fabrics stand out. The company's own developments, such as Twintex, Polisap, Neodry, Sense, Texcom antibacterial, among other brands, are perfect for sports and leisure due to their technical attributes. The company attaches great importance to the fact that all processed materials have the appropriate current environmental certificate (Öko Tex Standard 100, BlueSign and ZDHC)and efficient as well as responsible chemicals are used.

With more than 100 circular knitting machines and a wide range of possibilities for rotary printing, sublimation, lamination as well as special finishes such as antibacterial or hydrophilic, TEXCOM produces premium sports and leisure wear. This includes the official jersey of Argentina's national soccer team.

More information:
TEXCOM Brückner stenters

Source:

Brückner Trockentechnik GmbH & Co. KG

(c) The Montalvo Corporation

29.11.2022

Montalvo promotes Vince Mullen to Manager of North American Sales

The Montalvo Corporation, an international company in web tension control products and services based in Gorham Maine, has promoted Inside Sales Support Manager Vince Mullen to Manager of North American Sales.

Russ Hall, Montalvo CEO said, “Vince has more than proven himself in his years of working with Team Montalvo on the Inside Sales Support Team. And most recently he has done an impressive job leading that department. He will continue leading that department in addition to taking on a more direct role of working with all of our Field Sales Representatives across North America.”

The Montalvo Corporation, an international company in web tension control products and services based in Gorham Maine, has promoted Inside Sales Support Manager Vince Mullen to Manager of North American Sales.

Russ Hall, Montalvo CEO said, “Vince has more than proven himself in his years of working with Team Montalvo on the Inside Sales Support Team. And most recently he has done an impressive job leading that department. He will continue leading that department in addition to taking on a more direct role of working with all of our Field Sales Representatives across North America.”

About the new position Mullen said, “having joined Montalvo since moving to Maine from the UK I have enjoyed working with and learning from the very best in web tension control. It’s a great honor to have been given this promotion and I am excited for the future of our company as new developments enter our product portfolio, along with working with our more traditional lines. Our teams at Montalvo are fully committed to embracing the day to day and long term needs of our customer base and I am especially looking forward to working closely with our nationwide network of representatives.

More information:
Montalvo web tension control USA

Source:

The Montalvo Corporation

18.11.2022

BOGNER aligns management and corporate structure

Successful repositioning: BOGNER achieves its best financial year since 2015 following the completion of the two-year performance program.
Continuity in management: Gerrit Schneider takes over as sole CEO. Heinz Hackl, present Co-CEO, leaves the company by mutual agreement. With former CEO Andreas Baumgaertner and Andreas Gall two experienced advisors move closer to the management.
Streamlined governance and corporate structure: Arndt Geiwitz hands the company back into the hands of the family after the successful completion of the performance program and takes over the chairmanship of the newly created advisory board. BOGNER operates with GmbH as legal form in the future.

With the financial results in 2021/22, BOGNER has achieved the most successful financial year since 2015. A key contribution to this was provided by the performance program developed with the management consultancy EY Parthenon in July 2020. Since then, it was implemented as planned and successfully promoted profitability and sustainable global growth.

Successful repositioning: BOGNER achieves its best financial year since 2015 following the completion of the two-year performance program.
Continuity in management: Gerrit Schneider takes over as sole CEO. Heinz Hackl, present Co-CEO, leaves the company by mutual agreement. With former CEO Andreas Baumgaertner and Andreas Gall two experienced advisors move closer to the management.
Streamlined governance and corporate structure: Arndt Geiwitz hands the company back into the hands of the family after the successful completion of the performance program and takes over the chairmanship of the newly created advisory board. BOGNER operates with GmbH as legal form in the future.

With the financial results in 2021/22, BOGNER has achieved the most successful financial year since 2015. A key contribution to this was provided by the performance program developed with the management consultancy EY Parthenon in July 2020. Since then, it was implemented as planned and successfully promoted profitability and sustainable global growth. In order to create the ideal framework conditions for further success, BOGNER is now simplifying its management, governance and corporate structures.

Gerrit Schneider takes over as sole CEO
Gerrit Schneider, Co-CEO of BOGNER since April 2020 and responsible for Finance, Legal, IT, Operations and HR, will take over the sole CEO role of BOGNER with immediate effect. Heinz Hackl, present Co-CEO of BOGNER and currently responsible for Sales, Design, Marketing and Licensing, will leave BOGNER by mutual agreement.

The former BOGNER CEO Andreas Baumgaertner (2017-2020) will move closer to the management for all product- and design-specific topics and will intensify his advisory role. He has already advised the company in the background in recent years and will now accompany and help to shape the future direction of the brand even more closely. As for the external media presence, BOGNER secures further know-how and experience with Andreas Gall, the former founding CEO and Chief Innovation Officer (CINO) of Red Bull Media House.

Streamlined structures with end of trusteeship and new active advisory board
In addition to the management, BOGNER is also refining its governance structures: With the successful completion of the performance programm, trustee Arndt Geiwitz has achieved the goal he has set together with management and family to bring BOGNER in a strong position. Now he returns the company back to the family. Arndt Geiwitz will remain closely associated with BOGNER and will accompany the company in its further development as Chairman of the newly created advisory board.

Furthermore, BOGNER changes the legal form of the company to a GmbH (limited liability company) and merges individual group companies as part of this step. This simplifies the corporate structures and reduces complexity. As part of this adjustment, BOGNER is setting up an advisory board with supervisory function. The advisory board, staffed with experienced personalities, will advise the management comprehensively on the strategic direction, function as a sparring partner and serve as a supervisory body. In addition to Arndt Geiwitz as Chairman, Christian Laus, a long-standing advisor of the Bogner family and Managing Director of BOGNER Film GmbH, will become a member of the advisory board. Furthermore, Dr. Daniel Heine, Managing Director of Patrimonium Asset Management AG, will join the advisory board. A private debt fund of Patrimonium Asset Management AG as strategic financing partner and BOGNER have signed financial agreements to replace the loan agreement concluded with various banks as part of the performance program.

More information:
Willy Bogner GmbH Bogner Sportswear CEO financial year 2022

Source:

Willy BOGNER GmbH

10.11.2022

adidas with robust growth in the third quarter

Currency-neutral sales up 4%, reflecting continued double-digit growth outside Greater China
Gross margin down 1.0pp to 49.1% as price increases were more than offset by increased supply chain costs, higher discounting, and an unfavorable market mix
Operating profit of € 564 million reflecting an operating margin of 8.8%
Net income from continuing operations of € 66 million negatively impacted by several one-off costs totaling almost € 300 million as well as extraordinary tax effects in Q3

“The market environment shifted at the beginning of September as consumer demand in Western markets slowed and traffic trends in Greater China further deteriorated. As a result, we saw a significant inventory buildup across the industry, leading to higher promotional activity during the remainder of the year which will increasingly weigh on our earnings,” said adidas CFO Harm Ohlmeyer. “We are encouraged by the enthusiasm for the upcoming FIFA World Cup which is already noticeable in our Football revenue growth. And in North America we are gearing up for an exciting upcoming basketball launch.”

Currency-neutral sales up 4%, reflecting continued double-digit growth outside Greater China
Gross margin down 1.0pp to 49.1% as price increases were more than offset by increased supply chain costs, higher discounting, and an unfavorable market mix
Operating profit of € 564 million reflecting an operating margin of 8.8%
Net income from continuing operations of € 66 million negatively impacted by several one-off costs totaling almost € 300 million as well as extraordinary tax effects in Q3

“The market environment shifted at the beginning of September as consumer demand in Western markets slowed and traffic trends in Greater China further deteriorated. As a result, we saw a significant inventory buildup across the industry, leading to higher promotional activity during the remainder of the year which will increasingly weigh on our earnings,” said adidas CFO Harm Ohlmeyer. “We are encouraged by the enthusiasm for the upcoming FIFA World Cup which is already noticeable in our Football revenue growth. And in North America we are gearing up for an exciting upcoming basketball launch.”

In the third quarter, adidas’ currency-neutral revenues increased 4%. While the company experienced high-single-digit top-line growth during the first two months of the period, deteriorating traffic trends in Greater China as well as slowing consumer demand in major Western markets weighed on the revenue development in September. In addition, the company’s decision to suspend its own operations in Russia at the end of Q1 significantly reduced revenues by more than € 100 million during the third quarter, particularly impacting the company’s direct-to-consumer (DTC) business. In euro terms, the company’s revenues grew 11% to € 6.408 billion in the third quarter (2021: € 5.752 billion).

From a category perspective, revenue growth was the highest in adidas’ strategic growth categories Football and Running, both growing at strong double-digit rates. In Football, the jersey launches ahead of the FIFA World Cup 2022 fueled consumer excitement prior to the tournament. Revenues in Running were driven by the latest iterations of adidas’ successful running franchises, including Adizero and Supernova, which both grew more than 50% during the quarter. On the Lifestyle side, the further scaling of the successful Forum and Ozweego franchises led to strong double-digit growth for both product families. At the same time, additional highly limited drops as part of the Gucci and Balenciaga partnerships continued to spark excitement around the adidas brand.

From a regional perspective, revenue growth was driven by the company’s Western markets and APAC, which combined continued to grow at a double-digit rate (+12%). In EMEA, revenues grew 7% despite the loss of revenue in Russia/CIS of more than € 100 million. Revenues in North America increased 8% during the quarter driven by a double-digit increase in the company’s DTC channel. In APAC and Latin America, revenue growth accelerated compared to Q2, reaching 15% and 51% respectively, year-on-year. In contrast, the company’s top-line development in Greater China continues to be severely impacted by the challenging market environment, mainly related to the ongoing covid-19-related restrictions. While the company’s own retail revenues in Greater China increased 7% in the third quarter reflecting a robust sell-out, the significant product takebacks reduced the company’s sell-in and resulted in a revenue decline of 27% for the market as a whole during the three-month period.

Strong bottom-line improvement in 2023
In 2023, the company expects the non-recurrence of the one-off costs of around € 500 million occurred in 2022 to have a positive impact on the net income development in the same magnitude. In addition, in light of the challenging market environment, adidas established a business improvement program to safeguard the company’s profitability in 2023. As part of this program the company has launched several initiatives to mitigate the significant cost increases resulting from the inflationary pressure across the company’s value chain as well as unfavorable currency movements. In total, the program, which will result in one-off costs of around € 50 million in the fourth quarter of 2022, is expected to compensate cost headwinds of up to € 500 million in 2023. In addition, it is expected to deliver a positive profit contribution of around € 200 million next year.

More information:
adidas outlook

Source:

adidas AG

04.11.2022

Rieter publishes Investor Update 2022

Sales of CHF 366.8 million in the third quarter, CHF 987.4 million after nine months
Order intake of CHF 226.4 million in the third quarter, CHF 1 095.8 million after nine months
Order backlog of around CHF 2 000 million as of September 30, 2022
Precautionary measures taken against potential energy crisis in Europe
Financing of a Professorship for Artificial Intelligence
Rieter site sales process on schedule
Outlook 2022

Rieter recorded a significant increase in sales in the third quarter of 2022, reaching a level of CHF 366.8 million (2021: CHF 257.3 million). The measures introduced to increase sales and profitability in the second half of 2022 are taking effect and will continue to be implemented in a systematic manner. These include a close cooperation with key suppliers, the development of alternative solutions to eliminate material shortages, the enforcement of price increases, and the improvement of the margin quality of the order backlog.

Sales of CHF 366.8 million in the third quarter, CHF 987.4 million after nine months
Order intake of CHF 226.4 million in the third quarter, CHF 1 095.8 million after nine months
Order backlog of around CHF 2 000 million as of September 30, 2022
Precautionary measures taken against potential energy crisis in Europe
Financing of a Professorship for Artificial Intelligence
Rieter site sales process on schedule
Outlook 2022

Rieter recorded a significant increase in sales in the third quarter of 2022, reaching a level of CHF 366.8 million (2021: CHF 257.3 million). The measures introduced to increase sales and profitability in the second half of 2022 are taking effect and will continue to be implemented in a systematic manner. These include a close cooperation with key suppliers, the development of alternative solutions to eliminate material shortages, the enforcement of price increases, and the improvement of the margin quality of the order backlog.

The order intake of CHF 226.4 million in the third quarter of 2022 reflects the expected normalization of demand for new equipment compared to the record year of 2021, which was characterized by catch-up effects and the regional shift in demand. In addition, the well-known uncertainties and risks and the continuing extremely long delivery times at key manufacturers had a dampening effect on demand. Due to the slowdown in capacity utilization in the spinning mills, demand for consumables, wear & tear and spare parts also declined in the third quarter of 2022. Major orders continued to be recorded from Turkey, Uzbekistan, and China.

Rieter has a high order backlog of around CHF 2 000 million as of September 30, 2022 (September 30, 2021: CHF 1 562 million), which will guarantee capacity utilization in all three business groups until well into 2023 or rather 2024. The cancellation rate in the reporting period was around 5% of the order backlog.

Outlook 2022
Rieter anticipates weakened demand for new systems in the coming months. The demand for consumables, wear & tear and spare parts will depend on the capacity utilization of spinning mills in the months ahead.

For the full year 2022, Rieter expects sales of around CHF 1 400 million. The realization of sales revenue from the order backlog continues to be associated with risks in relation to the well-known uncertainties.

Despite significantly higher sales compared to the prior-year period, Rieter expects EBIT and net result for 2022 to be below the previous year’s level. This is due to the considerable increases in the cost of materials and logistics, additional costs for compensation of material shortages as well as expenses in connection with the acquisition in the years 2021/2022.

More information:
Rieter financial year 2022

Source:

Rieter Management AG