From the Sector

North Carolina State University’s Wilson College of Textiles has been making inroads challenging the conventional pad finishing process and significantly reducing its environmental footprint in collaboration with Baldwin Technology Inc. Front and center in its finishing lab is Baldwin’s TexCoat G4™ digital finishing system.
 
For nearly 125 years, the Wilson College of Textiles has been a hub of innovation and learning, transforming students into experts in the world of textiles. As the textile industry grapples with sustainability challenges, the college has embraced new technologies and innovations to address the issue head-on.
 
At the forefront of this transformation is the Zeis Textiles Extension for Economic Development, an arm of Wilson College which serves the textile industry’s prototyping and pilot production needs in its five laboratories – spun yarn, knitting, weaving, dyeing and finishing, and physical testing. Collaborations with various textile companies have allowed the university to foster industry partnerships that bring forth groundbreaking ideas.
 
The partnership with Baldwin Technology marks a major milestone for the Raleigh, North Carolina-based college’s efforts to contribute to a more sustainable tomorrow.
 
To tackle the longstanding challenges of unsustainable fashion, NC State has taken the lead in demonstrating to students and industry the transition from the traditional pad finishing process to Baldwin’s TexCoat™ G4 system. It offers an innovative “non-contact” precision spray that significantly reduces water consumption, energy usage and chemical waste.
 
“Instead of needing to take the fabric, dip it into a bath to saturate it, squeeze the excess, dry and cure it, you can now precisely add the exact amount of finish you need on the fabric,” explained Rick Stanford, Baldwin's VP Global Business Development of Textiles. “The TexCoat™ G4 system will reduce the amount of pick-up that’s required to carry the chemical onto the fabric. This will also take a lot less energy to dry the fabric, increasing production speeds.”
 
The adoption of the TexCoat™ G4 system signals a new era for the college, allowing students to actively participate in shaping a sustainable future for the textiles industry. In the global effort to protect the planet and its resources, NC State's Wilson College of Textiles is at the forefront, preparing the next generation of professionals to be the leaders of the sustainable textile movement.

Vandewiele Sweden is spearheading a transformation in B2B operations for the industry, with a new e-commerce platform developed in Sweden. The company, a member of TMAS, the Swedish Textile Machinery Association, has taken on the task of developing the digital solution that will meet the future demands for Vandewiele Group customers worldwide.

The Vandewiele Sweden team has developed a user-friendly interface that exploits the latest "exploding view" diagrams to ensure customers can easily identify and order the components they need, all within a 1:1 digital representation. The next stage in 3D technology is set up and ready, although it awaits implementation and market readiness to fully integrate and utilize its features.

Adopting a phased approach, the company is initially introducing its IRO-branded accessories, spare parts and gauge parts, targeting textile mills, weavers and distributors. The platform has been carefully crafted to cater to the varying needs of its diverse clientele, offering streamlined direct sales and a transparent commission structure for agents and distributors.

With an ambitious logistics promise of 48-hour dispatch and leveraging third-party payment service providers like Nets, the company assures speed and reliability in every transaction.

Scheduled for launch in April, Vandewiele stands ready to introduce its new e-commerce solution to key markets, including Scandinavia, the Baltics, parts of Europe, Turkey, and India.

Stratasys Ltd. announced the launch of its Direct-to-Garment (D2G) solution for the J850 TechStyle™ printer, the newest offering in the Stratasys 3DFashion™ direct-to-textile printing technology. The first example of its application is an Urban Tattoo denim collection which will be revealed at the Texprocess exhibition in Frankfurt, Germany on April 23.

The D2G solution is ideal for customization and personalization by enabling the application of full color multi-material 3D print directly on fully assembled garments of various fabric types including denim, cotton, polyester, and linen. It allows fashion brands to facilitate personalized and bespoke designs for customers, including the ability to tailor 3D prints according to individual preferences, sizes, and styles.  

Available in two sizes, the D2G tray kits facilitate the personalization of garments ranging from jeans to jackets, enabling designers and manufacturers to adopt more sustainable practices by reducing material waste. The seamless workflow delivers ease of calibration and compatibility with various garment sizes, streamlining the production process and fostering the creation of unique, personalized apparel.

Demonstrating this innovation, the Urban Tattoo collection showcases the potential and the ease of direct-to-garment 3D printing. Working with noted designers Karim Rashid, Travis Fitch, Zlatko Yanakiev at Meshroom along with Foraeva Studio, this collection shows the transformation of ordinary garments into pieces of wearable art, imbuing them with personal identity and meaning.

Like body tattoos, Urban Tattoos promote a deeper emotional connection, encouraging the upcycling of existing garments and contributing to a more sustainable fashion ecosystem. This aligns with Stratasys’ strategy for Mindful Manufacturing™. Stratasys has been able to create a new collection that will appeal to multiple brands that reach across diverse socio-economic backgrounds.

Jan Karnath (39), a nephew of Bernd Reifenhäuser (CEO) and Ulrich Reifenhäuser (CSO), is the first representative of the fourth generation to join the operational business of the Reifenhäuser Group. His start paves the way for the continuous development of the family business and reinforces the transformation from machine manufacturer to solution provider: As the company's first Chief Digital Officer, Karnath will henceforth be responsible for and steer the Group's digital transformation.

In his new position as Chief Digital Officer, Jan Karnath is responsible for the strategic and operational development of all Reifenhäuser units whose business model is based on digital products: The tech start-up RE: GmbH, which specializes in connecting entire production facilities, AR:DEL, Reifenhäuser's digital education and learning platform, and R-Cycle, the digital product passport for sustainable packaging. In addition, Karnath is responsible for the Group's overall digital strategy: he will continue to develop the portfolio of digital products and ensure that all relevant digital initiatives are integrated into strategic planning.

Jan Karnath has over 15 years of experience in the digital business. He studied Management in Vienna and Digital Transformation & Innovation at Stanford University. He then began his career at SAP and has since successfully led several digital companies as a board member and founder. Investors in these companies have included EQT and Porsche AG.

• Solvay’s FY 2023 financial statements reflect the Partial Demerger completed on December 9, 2023, with the Specialty businesses transferred to Syensqo classified as discontinued operations for 2023.
• New Solvay leadership team committed to drive the transformation of the company.
• Net sales for the full year 2023 at €4,880 million were down -12.6% organically versus 2022, driven primarily by volume declines. In Q4, net sales decreased organically by -18.9% from both lower volumes and prices.
• Underlying EBITDA of €1,246 million for the full year 2023 was stable (+0.2%) on an organic basis compared to a record 2022, with positive Net Pricing and lower fixed costs offsetting the drop in volumes. EBITDA in the fourth quarter was down -24.5% organically vs Q4 2022, fully driven by lower volumes, with variable costs reduction offsetting price erosion, while fixed costs decreased slightly.
• Underlying net profit from continuing operations was €588 million in 2023 compared to €740 million in 2022.
• Free Cash Flow of €561 million in 2023 (+17.3% vs. €479 million in 2022) resulting in a record FCF conversion ratio of 45.4%, thanks to the strong EBITDA performance and to the positive impact from working capital variation.
• ROCE was 20.4% in 2023, -2.5pp compared to 2022 as a result of lower profit.
• Solid balance sheet at the end of December 2023, in line with the target capital structure announced in November 2023, with an underlying net debt of €1.5 billion, which translates into a leverage ratio of 1.2x.
• Total proposed gross dividend of €2.43 per share, subject to shareholders’ approval during the next Ordinary General Meeting of May 28, 2024.
• Solvay continues to reduce its GHG emissions (-19% vs 2021, scope 1 and 2).
• 2024 Outlook: Organic growth of the underlying EBITDA of -10% to -20% compared to restated 2023; Free cash flow of minimum €260 million

2024 outlook
Across its product portfolio, Solvay expects current demand levels to continue over the next few months and, as such, expects H1 2024 volumes to be broadly in line with H2 2023. At this point, there is little visibility on the second half of the year, however there are signs that the trend in the second half could improve. Solvay expects Soda Ash prices over FY 2024 to be lower than FY 2023, consistent with the current market environment, which will affect the business margin in 2024. Pricing trends across Solvay’s other businesses are forecasted to be more resilient year on year.

Lower energy and raw materials prices should offset some of the negative pressure on the topline. More importantly, Solvay has started to implement cost savings initiatives that will start to deliver results in 2024.

For full year 2024, Solvay expects an organic growth of the underlying EBITDA by -10% to -20% versus a high comparison base in 2023, especially in H1. This translates into a range of €925 million to €1,040 million at a 1.10 EUR/USD exchange rate.

The organic growth of the underlying EBITDA is calculated from a 2023 restated figure of €1,154 million (vs a reported figure of €1,246 million).

Free cash flow to Solvay shareholders from continuing operations is expected to be greater than €260 million, in line with the cash usage prioritization presented during the Capital Market Day in November 2023. It is supported by Solvay’s ability to manage its capex and working capital to ensure the financing of its businesses and the payment of dividends while keeping the strength of its balance sheet intact.

Solvay remains committed to implement its strategic roadmap and reconfirms its 2028 targets as communicated at the Capital Markets Day of November 2023.

Global Fashion Agenda (GFA) has collaborated with PDS Ventures to launch a new Trailblazer Programme. The new initiative seeks to identify early-stage innovators and support them on their journey to scale.

As part of the Trailblazer Programme, PDS Ventures will award one innovator a significant investment of up to USD 200,000* to accelerate the company’s growth and positive impact in the fashion industry. The winner will also receive commercial and operational support from PDS Group’s Positive Materials - a textile company and strategic research partner supporting the development and acceleration of low impact textile innovation through collaboration between early-stage start-ups, supply chain partners and brands. Further scaling opportunities will be gained through access to PDS Limited’s extensive global supply chain.
 
GFA and PDS Ventures are presenting an open call for solution providers addressing different challenges across the fashion value chain to apply for the programme. Applicants will be reviewed and shortlisted by an esteemed Jury including representatives from GFA, PDS Ventures, Massachusetts Institute of Technology (MIT), Ralph Lauren Corporation, Fashion For Good and H&M Group. Eight shortlisted innovations will be enrolled in a group of Trailblazers, receiving feedback and investment pitch training from industry experts and PDS representatives.     
 
Each shortlisted innovator will then pitch for a potential investment, with the winning Trailblazer being revealed at GFA’s Global Fashion Summit: Copenhagen Edition 2024 - an international forum for sustainability in fashion, on 22-23 May at the Copenhagen Concert Hall. All shortlisted Trailblazers will also have the opportunity to showcase their businesses within an exhibit at the Summit to connect with other key industry stakeholders and potential investors.
 
The Trailblazer Programme corresponds with the theme of the upcoming Global Fashion Summit - ‘Unlocking The Next Level’. Inspired by a significant milestone, 2024 marks 15 years since the inaugural Global Fashion Summit was hosted in 2009. This pivotal anniversary offers a special moment to not only take stock of the evolution of the sector and the progress made so far, but, most importantly, look ahead at what actions must urgently be implemented in the near term, and the gaps that must be filled to accelerate industry transformation.

Solvay awarded a scholarship to facilitate an educational alliance between the Massachusetts Institute of Technology (MIT) and Fermi High School in Cecina. The initiative unfolded during an event held at Solvay's Rosignano site in Italy, providing a platform for students and faculty. Through this partnership, 200 Fermi High School students participated in STEM* and digital lessons from MIT's Global Teaching Labs project, emphasizing the teaching of scientific disciplines by the American university.

Beyond the scholarship award ceremony, students received a tour of Solvay's factory in Rosignano. The tour highlighted the company's dedication to safety, sustainability, and bridging the gap between academia and industry challenges. The experience illustrated the practical application of academic studies in an industrial context, showcasing Solvay's advanced control procedures, safety protocols, technological innovations, digital transformation efforts, and sustainability measures.

Discussions during the event included key sustainability topics such as water conservation, energy efficiency, waste management, and Solvay's commitment to promoting a balanced work-life culture and diversity within the workplace.

This collaboration aligns with Solvay's global Corporate Citizenship program. Through this program, Solvay supports individuals and communities, channeling efforts to tackle worldwide societal challenges through strategic investments in education, sustainability, and local community initiatives.

*STEM stands for science, technology, engineering and mathematics

Archroma proudly announced the continuation of its longstanding partnership with SANITIZED AG, marking collaborative success in the textile industry. This enduring alliance has been a cornerstone in driving innovation and setting industry standards, particularly for odor and hygiene management within the home textiles and apparel industry.

Archroma, one of the best chemical suppliers in the markets, further solidifies its position through the acquisition of Huntsman’s Textile Effects division in February 2023.

The acquisition enabled Archroma to broaden its global reach and technical expertise. Paired with our strong expertise in freshness additives, we enhance our marketing teams for joint communication, enhance the salesforce in the regions and strengthen our innovation force to drive the industry towards more sustainable solutions,” says Michael Lüthi, CEO of SANITIZED AG.

With a focus on strategic development, Archroma and SANITIZED AG aim to reinforce mills and brands in elevating their products by adding the value of freshness to their products and providing high-quality effects. This collaboration offers customers a flexible package, completed with application support through technical service and expertise, along with access to a strong product portfolio. Notably, the partners are ready to lead market trends and transformations, particularly in freshness finishes, ensuring their collective success in the dynamic landscape.

Challenging times can harbour opportunities for growth and transformation – and it is in this spirit that INNATEX, the international trade fair for sustainable textiles, invites companies to its winter edition from 20 to 22 January 2024. Registration for exhibitors opened only a short while ago but already, 70% of the space at the exhibition centre in Hofheim-Wallau is booked up. Under the motto GROW, Green Fashion brands, buyers and experts will be getting together to network, exchange views and place orders.

In January, these will be brands such as Vaude, Lanius, Knowledge Cotton Apparel, Recolution, People Wear Organic, Melawear, Mazine and Disana, as well as new arrivals such as Näz, with classic womenswear from Portugal, and hemp sneakers from 8000Kicks. Exciting DESIGN DISCOVERIES are also once again anticipated.

The accompanying programme of Lounge Talks, guided tours and an expert panel on the Monday was very well received at the last INNATEX. The fair organiser, MUVEO GmbH, is capitalising on this with a programme of important themes put together with partners such as Greenstyle, Fashion Changers and the Hessen Retail Federation.

Since the topics and insights are so popular, the organisers will be recording the talks and making them available as podcasts. The first episodes are already available to listen to via innatex.letscast.fm.

The application deadline for DESIGN DISCOVERIES has been extended to 24 November 2023. Through this support programme, the organisers aim to make it easier for newcomers and first-time exhibitors to enter the market.

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.