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.

Kelheim Fibres, a manufacturer of specialty viscose fibres, showcases its latest developments at this year's Global Fiber Congress in Dornbirn. The focus is on innovative solutions that not only promote environmental sustainability but also strengthen the European supply chain.

In his presentation "Towards high performing plant-based AHP products - a joined approach of Pelz and Kelheim Fibres," Dr. Ingo Bernt, Project Leader of Fiber & Application Development at Kelheim Fibres, together with Dr. Henning Röttger, Head of Business Development at PelzGROUP, introduces the development of a plastic-free yet high-performance panty liner. The water-repellent Kelheim specialty fibre Olea plays a crucial role in both the top and backsheet of the panty liner. This product emerged from the ambition to offer eco-friendly alternatives to conventional disposable hygiene solutions without compromising on product performance.

A similar approach is pursued in the second presented project. Under the title "Performance Fibres meet Sustainable Design - example of a reusable Baby Diaper," Natalie Wunder, Project Leader from Kelheim Fibres' New Business Development team, together with Caspar Böhme, Co-Founder of Sumo, introduce the washable and reusable SUMO diaper. Made from biobased materials and featuring a unique construction with Kelheim specialty fibres, this combination offers double environmental benefits compared to conventional disposable baby diapers.

Both the panty liner and the SUMO diaper are manufactured entirely in Europe, resulting in shorter transportation routes and a reduced CO2 footprint. Moreover, these innovations contribute to strengthening the European textile and nonwovens industries by fostering innovation within Europe.

The international OEKO-TEX® Association, offering collaborative solutions for partners in the textile and leather industry, has once again recorded positive business development. Overall, OEKO-TEX® issued more than 43,000 certificates and labels between July 1, 2022, and June 30, 2023 - an increase of 21% compared to the previous financial year. The MADE IN GREEN product label recorded the strongest growth of 52%. OEKO-TEX® continues to drive urgently needed change through cooperation and joint action - with their services and at the organizational level.

For their two new certifications, OEKO-TEX® focused on cooperation with numerous parties along the global supply chain. Launched in November 2022, OEKO-TEX® RESPONSIBLE BUSINESS addresses the increasing global expectations and due diligence requirements. The tool and certification supports textile and leather companies in preventing negative effects from their own business operations, supply chains and broader business relationships. Companies working with OEKO-TEX® ORGANIC COTTON benefit from a global network of certified companies to facilitate sourcing of chemicals, materials and business partners - from cultivation to finished product.

At the organisational level, OEKO-TEX® is focusing on partnerships with multi-stakeholder initiatives to include as many different perspectives as possible and allow all parties to benefit. Working with ZDHC to promote sustainable chemical management and becoming an ISEAL community member are just two of many collaborations for OEKO-TEX®, which is striving to address the industry's most pressing challenges.

Meanwhile, the Association’s core business advances. For example, based on industry developments and scientific findings, OEKO-TEX® issued a general ban on the use of per- and polyfluorinated alkyl substances (PFAS/PFC) in textiles, leather and shoes certified by STANDARD 100, ORGANIC COTTON, LEATHER STANDARD and ECO PASSPORT. OEKO-TEX® also surpassed the milestone of 1,000 STeP certified production facilities. OEKO-TEX® is in a strong position to continue its work - enabling the industry and consumers to make more responsible decisions through partnership and education.

After nearly 30 years with the company, Matthew North, Commercial Director at the viscose specialty fibre manufacturer Kelheim Fibres, will retire on July 1, 2023. Throughout his long and successful career, he has played a significant role in transforming Kelheim Fibres from a supplier of standard fibres to the European textile industry into a supplier of predominantly customized specialty fibres for the hygiene, specialty paper, and textile industries.

Mark von der Becke will assume the position of Sales Director and become part of the management team at Kelheim Fibres. The 48-year-old brings extensive experience in sales, marketing, and key account management. He has held various leadership positions in renowned companies such as Hoechst, Clariant, and DS Smith in Germany, Switzerland, and China. He is known for successfully developing and implementing strategy and change programs.

Dr. Marina Crnoja-Cosic, who has been serving as Director of New Business Development and a member of the management team at Kelheim Fibres since 2020, will take on the responsibility for marketing and communications. She will now drive the further development of the marketing strategy and communication with customers and partners.

Fibre Extrusion Technology Ltd (FET) of Leeds, UK has strengthened its technical team with the appointment of Dr Jonny Hunter as Research & Development Manager. Hunter brings a wealth of academic credentials to the department, including a Master’s in Medicinal and Biological Chemistry and a PhD in Sustainable Chemistry. This academic background is complemented by over 10 years’ R&D experience in industry, including FMCG and, in particular, medical devices, which encompasses wound care, the medical device manufacturing process and regulatory environment.

FET designs, develops and manufactures extrusion equipment for a wide range of high value textile material applications, so the above research and industrial sectors have great relevance to the company’s focus on the international stage. A significant market for FET’s meltspinning equipment is medical devices, so in-house expertise in this area is a vital commodity. FET is also at the forefront of innovation to promote and develop sustainable fibres, so technical knowhow in sustainability is also essential. In this, Jonny Hunter has considerable experience and has in the past lead a number of innovation projects in sustainable chemistry and management.

This fresh input of knowledge and experience will benefit FET’s customers in their own drive for sustainable innovation in fibre technology. Mark Smith, the previous R&D Manager, is taking a short sabbatical and will be returning in a more strategic role as FET’s Director of Technology, so his continued presence will further contribute to FET’s breadth of technical expertise.

FET has also expanded in a number of other departments to reflect the rapid growth in sales over recent years. Mike Urey is the new Sales Engineer, bringing a wide industrial experience and strengthening all aspects of business development. Three new mechanical and electronic engineers and a new appointment in the design department all combine to take the company forward and sustain growth.

Viscose speciality fibre manufacturer Kelheim Fibres, nonwoven producer Sandler, and hygiene product manufacturer pelzGROUP have jointly developed a new panty liner that is plastic-free according to the European Single-Use Plastics Directive (SUPD). This innovative solution is a step towards reducing the amount of plastic in hygiene products – and thus also a contribution to tackling the problem of plastic pollution.

According to a UNEP study on marine litter and microplastics, eight million tons of plastic end up in the oceans every year. A significant portion of this pollution comes from single-use plastic products, including conventional period products such as pads or panty liners.

The partnership between the three companies was formed under the Open Innovation principle, which allowed for creative idea exchange and facilitated the development of an innovative product. According to Jessica Zeitler, R&D Specialist at Sandler, “Our collaboration with Kelheim Fibres and pelzGROUP is a great example of how companies can work together to create solutions that benefit both the environment and consumers. We are proud to be part of this project and the opportunities it offers.”

For hygiene product manufacturer pelzGROUP, it is important to combine sustainability and performance to achieve broad acceptance in the market. “Our panty liner meets the strict requirements of the European Single-Use Plastics Directive (SUPD) while also matching the performance of conventional synthetic products. At the same time, our new panty liner has a completely European supply chain. This means short distances and therefore low CO2 emissions, and – especially in times of global disruption – reliability for our customers,” emphasizes Dr. Henning Röttger, Head of Business Development at pelzGROUP.

"Our viscose speciality fibres are an environmentally friendly and high-performance alternative to synthetic materials," says Dominik Mayer, Project Manager Fibre & Application Development at Kelheim Fibres. "They are at the very beginning of the product value chain and yet have an enormous impact on the functionality of the end product. Open innovation allows us to bring all partners in the value chain to the table, to find the best solution together in a very short time and bring it to commercialisation - the collaboration with Sandler and pelzGROUP is an important milestone in our AHP journey."

echnology Group ANDRITZ achieved in 2022 the best figures in its history for order intake, revenue, and operating result ( EBITA). ANDRITZ started the new business year with a record order backlog of around ten billion EUR. Together with strict cost and project management and the successful turnaround in the Metals business area with the German Schuler Group, that order backlog will form the basis for further growth and profitability increases in 2023. Subject to the approval by the Annual General Meeting, shareholders will benefit from the excellent business development with a significant dividend increase to 2.10 EUR (previous year: 1.65 EUR) per share.

The results of the business year 2022 in detail:

• The order intake of 9,263.4 MEUR reached a record level and was thus significantly higher than the figure for the previous year (+17.6% compared to 2021: 7,879.7 MEUR). All four business areas contributed to the increase.
• The order backlog as of the end of 2022 amounted to 9,976.5 MEUR and was thus significantly higher than the value for the previous year (+22.2% compared to 2021: 8,165.8 MEUR).
• The revenue saw very favorable development during the 2022 business year and reached a new record level of 7,542.9 MEUR (+16.7% compared to 2021: 6,463.0 MEUR). All four business areas contributed to the increase in revenue.
• The operating result (EBITA) increased slightly more than revenue and reached 648.5 MEUR, also a record level (+18.7% compared to 2021: 546.5 MEUR). All four business areas contributed to the increase in earnings. Profitability (EBITA margin) increased to 8.6% (2021: 8.5%).
• The net income (including non-controlling interests) increased significantly compared to the previous year, amounting to 402.6 MEUR (+25.1% compared to 2021: 321.7 MEUR)

ANDRITZ expects to continue its profitable course of growth in the business year 2023 and anticipates an increase in both revenue and earnings compared to 2022.

• Carbios strengthens its Board of Directors with the appointments of Prof. Karine AUCLAIR, Sandrine CONSEILLER, Amandine DE SOUZA and Mateus SCHREINER GARCEZ LOPES
• Carbios has reached its CSR objective of 60% independent directors ahead of 2024 target date, and has increased its female representation

Carbios‘four new members to its Board of Directors:  Prof. Karine AUCLAIR, professor of Chemistry at McGill University, Sandrine CONSEILLER, former CEO of Aigle, Amandine DE SOUZA, General Manager of LE BHV MARAIS, Eataly and Home, DIY and Leisure Purchasing at Galeries Lafayette Group, and Mateus SCHREINER GARCEZ LOPES, Global Director for Energy Transition and Investments at Raizen, have all been appointed members of Carbios’ Board of Directors.  In the new structure, Prof. Karine AUCLAIR succeeds Jacqueline LECOURTIER, Sandrine CONSEILLER succeeds Jean FALGOUX, Amandine DE SOUZA succeeds Alain CHEVALLIER, and Mateus SCHREINER GARCEZ LOPES succeeds Jean-Claude LUMARET.

Three of the new members have strong, proven expertise in various industries covering fashion, retail and energy, as well as business development and senior executive management in high-growth markets and sectors around the world.  The new scientific expertise will also help enhance and advance Carbios’ research into biological solutions for the life cycle of plastics and textiles.  In addition, a sensitivity to CSR issues and proven results in this field was also a key selection factor to join the Board.  The new members’ combined strategic vision, solid industry experience and CSR commitments will support Carbios in its industrial and commercial plans.
 
Prof. Karine AUCLAIR is Professor of Chemistry at McGill University and holds the Tier 1 Canada Research Chair in Antimicrobials and Green Enzymes.  She has received numerous awards over the years, including the Clara Benson Award of the Canadian Society of Chemistry, the McGill Tomlinson Professorship, the Leo Yaffe Teaching Award, and the McGill Fessenden Professorship, to name a few. She is an internationally recognized bioorganic chemist with significant scientific contributions to the fields of antimicrobial resistance, biocatalysis and enzymology. Her research led to several patents notably in the clean enzymatic depolymerization of untreated, high crystallinity PET plastics for closed-loop recycling.  Her work has been published in nearly 100 peer-reviewed publications in high-impact journals, and often highlighted by the media.  As a recognized leader in her field, she is often invited to speak at industrial and academic conferences around the world, and to review theses and grant applications for worldwide institutions.
 
Sandrine CONSEILLER is former Chief Executive Officer of Aigle (the emblematic French brand committed to sustainable fashion).  Prior to joining Aigle, Sandrine was Group Marketing & Branding Executive Vice-President at Lacoste (another historic French fashion brand) from 2011 to 2015.  She contributed to the Lacoste maison turnaround with strong growth and numerous professional awards including several Cannes Lions Awards.  She was also Member of the Executive Board.  Sandrine began her career at Unilever and spent 20 years leading global businesses within various divisions, mainly in Personal Care, in Latin America, Europe, and Asia.  Sandrine is also Member of the Board of Phildar (the iconic French knitwear brand), Member of the Board of Raise Sherpa (the first philantropic endowment fund dedicated to start-ups) and is a funding partner of NEO FOUNDERS (a venture fund mentoring impact start-ups).
 
Amandine DE SOUZA is General Manager of LE BHV MARAIS (French retail, decoration and fashion department stores), Eataly (an Italian gastronomy concept franchise) and Home, DIY and Leisure Purchasing at Galeries Lafayette Group since 2018.  She has been a Member of its Executive Committee since 2020.  Amandine has 17 years’ experience in different types of companies of various sizes: from family business, to start-up,  and multinational.  She was General Manager for France at Westwing (an e-commerce start-up) from 2015 to 2018.  From 2009 to 2015, she was International Merchandise Director at Casino Group (food and non-food retail distribution).  Prior to this, she worked as a strategic consultant at Bain & Company within their Distribution and Consumer Goods Division in France and internationally.
 
Mateus SCHREINER GARCEZ LOPES is Global Director for Energy Transition and Investments at Raizen (global leader in bioenergy from Brazil), leading technology, new business development and intellectual property at the company.  He was previously Global Manager for Innovation and Business Development in Renewable Chemicals at Braskem (the largest producer of thermoplastic resins in the Americas and the world’s largest producer of biopolymers).  Before his transition to the corporate world, Mateus held several researcher and lecturer positions on Synthetic Biology and metabolic Engineering at Universities in Mexico, Germany, United States and Brazil.  He is also a Board Member of Iogen Energy Corporation, Vice-Chairman of the Board of the Brazilian Association of Bio Innovation, and Advisory Committee Member from the MIT Energy Initiative.

• Positive business development in all four business units
• Sales increases by 14.8% to €853.9 million
• Adjusted EBITDA improves by 25.4% to €136.1 million
• Successful refinancing of the 2018 convertible bonds

After €270.9 million in Q1 2022 and €278.9 million in Q2, SGL Carbon increased its consolidated sales to €304.1 million in Q3 2022. After nine months, this corresponds to a significant sales growth of 14.8% to a total of €853.9 million (9M 2021: €743.5 million). The positive business development is also reflected in the company's adjusted EBITDA, which improved by 25.4% year-on-year to €136.1 million (9M 2021: €108.5 million). All four business units contributed to the operating success.

Outlook
Due to the positive business development, the management increased the forecast for the full year on 6 September 2022. For the financial year 2022, Group sales of approx. €1.2 billion (previously: approx. €1.1 billion) and adjusted EBITDA of €170 to 190 million (previously: €130 to 150 million) are expected.

Consequently, an adjusted EBIT of €110 to 130 million (previously: €70 to 90 million) is forecasted. The expectations for return on capital employed (ROCE) of originally 7% to 9% are raised to 10% to 12% in line with the development of earnings. The estimate for free cash flow (significantly below the previous year's level of €111.5 million) remains unchanged.

Viscose speciality fibres manufacturer Kelheim Fibres partners with TextileGenesisTM, a traceability platform that creates radical transparency from fibre-to-retail and ensures authenticity d provenance of sustainable textiles against generics.

“Our wood-based fibres are an environmentally friendly basis for sustainable textiles - it's just that consumers often don't know what's behind their garments. But they need to know it’s in their hands to minimise the ecological footprint of the textile industry. Transparency and traceability are the foundation that enables consumers to make informed decisions.”, says Dr. Marina Crnoja-Cosic, Director New Business Development at Kelheim Fibres.

TextileGenesisTM uses blockchain technology to track and verify the use of sustainable fibres all the way from fibre to garment. A digital fibercoin ensures transparency and reliability throughout the entire production line and beyond.

Amit Gautam, Founder & CEO at TexileGenesisTM:"Fashion and textile value chain is undergoing major transformation driven by sustainable materials, shifting consumer demand for sustainable products, and increasingly stringent regulations on transparency. Great to see Kelheim moving the industry forward by actively participating in the traceability journey."