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Photo: Stora Enso
20.06.2022

Infinited Fiber Company: Commercial-scale factory to produce regenerated textile fiber

  • Finnish fashion and textile technology company Infinited Fiber Company plans to build its first commercial-scale Infinna™ fiber factory at Stora Enso’s Veitsiluoto industrial site in the city of Kemi in Finland’s northernmost region of Lapland. Infinited Fiber Company plans to convert a building currently housing a discontinued paper production line.
  • The size of Infinited Fiber Company’s planned investment is around EUR 400 million.
  • The planned factory is expected to create around 270 jobs at the Veitsiluoto industrial site.
  • The factory is expected to operate at full capacity in 2025.

Fashion and textile technology company Infinited Fiber Company plans to build a commercial-scale factory to produce regenerated textile fiber for the world’s leading apparel companies at the site of renewable materials company Stora Enso’s closed Veitsiluoto paper mill in Kemi, a Finnish city on the northern shore of the Baltic Sea. The size of the investment is estimated at EUR 400 million, and it is expected to create around 270 jobs in the area.

  • Finnish fashion and textile technology company Infinited Fiber Company plans to build its first commercial-scale Infinna™ fiber factory at Stora Enso’s Veitsiluoto industrial site in the city of Kemi in Finland’s northernmost region of Lapland. Infinited Fiber Company plans to convert a building currently housing a discontinued paper production line.
  • The size of Infinited Fiber Company’s planned investment is around EUR 400 million.
  • The planned factory is expected to create around 270 jobs at the Veitsiluoto industrial site.
  • The factory is expected to operate at full capacity in 2025.

Fashion and textile technology company Infinited Fiber Company plans to build a commercial-scale factory to produce regenerated textile fiber for the world’s leading apparel companies at the site of renewable materials company Stora Enso’s closed Veitsiluoto paper mill in Kemi, a Finnish city on the northern shore of the Baltic Sea. The size of the investment is estimated at EUR 400 million, and it is expected to create around 270 jobs in the area. The annual fiber production capacity of the planned factory is expected to be 30,000 metric tons, which is equivalent to the fiber needed for about 100 million T-shirts.  

Infinited Fiber Company’s technology enables cotton-rich textile waste to be transformed into a versatile, high-quality regenerated textile fiber called Infinna™, which looks and feels like cotton. Major international fashion and apparel companies – including Zara’s parent company Inditex, PVH Europe, which is known for the Tommy Hilfiger brand, Patagonia, PANGAIA, H&M Group and BESTSELLER – have already committed to Infinna™ purchases through multi-year agreements as they look for materials that enable the industry to shift towards circularity. Infinited Fiber Company expects to export most of the output of its planned factory. This makes Kemi an ideal location as the city’s port serves as an efficient link to the rest of the world.

Infinited Fiber Company will convert a building housing a discontinued paper production line into an Infinna™ fiber factory. Both the factory engineering and project implementation as well as the related financing negotiations were commenced at the beginning of the year and are progressing well. Infinited Fiber Company has also agreed on the provision of energy and water related services with utility infrastructure company Nevel.

Once up and running, the factory is expected to provide direct employment for around 220 people, and for a further 50 through on-site support functions such as services, maintenance, and logistics. The additional indirect employment impact is estimated to be around 800 jobs. The construction and installation phase is expected to create jobs equaling around 120 person-years. The factory is anticipated to operate at full capacity in 2025.

Source:

Infinited Fiber Company

(c) Bangladesh Apparel Exchange (BAE)
25.04.2022

The Sustainable Apparel Forum brings together government representatives and industry leaders

The Sustainable Apparel Forum takes place on 10 May 2022 in Dhaka, Bangladesh, bringing together government ministers and advisors, the European Union, UN bodies, brands, global fashion campaigners, brands, manufacturers and industry leaders.

This year’s SAF, the third such event, aims to establish Bangladesh as one of the world’s most responsible apparel sourcing destinations. That’s why senior government representatives will be speaking and in attendance, listening to the needs of industry and what needs to be done to take Bangladesh garment production to the next level.

Senior representatives from globally renowned recycling and renewable energy companies will also be in attendance as well as exhibit their sustainability and green technologies, products and solutions under the same roof.

The SAF will showcase opportunities for much-needed green financing in the industry.
Issues under the spotlight will include climate action, environmental social & governance (ESG) and green finance, purchasing practices, circular economy, and regulatory reforms.

The Sustainable Apparel Forum takes place on 10 May 2022 in Dhaka, Bangladesh, bringing together government ministers and advisors, the European Union, UN bodies, brands, global fashion campaigners, brands, manufacturers and industry leaders.

This year’s SAF, the third such event, aims to establish Bangladesh as one of the world’s most responsible apparel sourcing destinations. That’s why senior government representatives will be speaking and in attendance, listening to the needs of industry and what needs to be done to take Bangladesh garment production to the next level.

Senior representatives from globally renowned recycling and renewable energy companies will also be in attendance as well as exhibit their sustainability and green technologies, products and solutions under the same roof.

The SAF will showcase opportunities for much-needed green financing in the industry.
Issues under the spotlight will include climate action, environmental social & governance (ESG) and green finance, purchasing practices, circular economy, and regulatory reforms.

Speakers of the SAF include Dr Tawfiq-e-elahi Chowdhury, Bir Bikrom, adviser to the Prime Minister of Bangladesh on power, energy and mineral resources; Salman F Rahman, MP, adviser to the Prime Minister of Bangladesh on private industry & investment; Tipu Munshi, MP, commerce minister of Bangladesh; Begum Monnujan Sufian, MP, state minister for labor and employment of Bangladesh; Saber Hossain Chowdhury, MP, chairman of parliamentary standing committee on ministry of environment, forest and climate change of Bangladesh;  Anna Athanasopoulou, head of unit for social economy & creative industries European Commission;  Barbara Bijelic, financial sector and regulatory engagement lead centre for responsible business conduct, OECD;  Lindita Xhaferi-Salihu, sectors engagement lead, UNFCCC; Gagan Bansal, global material innovation & strategy manager, H&M; Javier Santonja Olcina,  regional head, Bangladesh & Pakistan, Inditex; Faruque Hassan, president, Bangladesh Garment Manufacturers & Exporters Association (BGMEA); Dr Mark Anner, founding director, Center for Global Workers’ Rights and also professor, Penn State University, USA; Ayesha Barenblat, founder and CEO, Remake;  Najet Draper, vice president research, Better Buying; and  Tuomo Poutiainen,  country director, Bangladesh, ILO.

Source:

Bangladesh Apparel Exchange (BAE)

30.03.2022

Carbios & Indorama Ventures: Manufacturing plant for fully bio-recycled PET

  • The plan for the reference plant is to be operational in 2025 in France (Longlaville) with a processing capacity of 50.000 tons of PET waste per year and creating 150 direct and indirect new jobs.
  • Indorama Ventures, the world’s largest producer of recycled PET for beverage bottles, plans to co-invest in this project3 and will consider expanding Carbios’ unique biological recycling process at other PET sites4 for future developments.
  • This strategic project is strongly supported by the French Government and the Grand-Est Region, with significant non-dilutive financing.

Carbios (Euronext Growth Paris: ALCRB), a pioneer in the development of enzymatic solutions dedicated to the end-of-life of plastic and textile polymers and Indorama Ventures (Bloomberg ticker: IVL.TB), one of the world-leading PET manufacturer, jointly announced a collaboration to build a manufacturing plant operating Carbios’ PET bio-recycling technology at Indorama Ventures’ PET production site in France (Longlaville, Meurthe-et-Moselle).

  • The plan for the reference plant is to be operational in 2025 in France (Longlaville) with a processing capacity of 50.000 tons of PET waste per year and creating 150 direct and indirect new jobs.
  • Indorama Ventures, the world’s largest producer of recycled PET for beverage bottles, plans to co-invest in this project3 and will consider expanding Carbios’ unique biological recycling process at other PET sites4 for future developments.
  • This strategic project is strongly supported by the French Government and the Grand-Est Region, with significant non-dilutive financing.

Carbios (Euronext Growth Paris: ALCRB), a pioneer in the development of enzymatic solutions dedicated to the end-of-life of plastic and textile polymers and Indorama Ventures (Bloomberg ticker: IVL.TB), one of the world-leading PET manufacturer, jointly announced a collaboration to build a manufacturing plant operating Carbios’ PET bio-recycling technology at Indorama Ventures’ PET production site in France (Longlaville, Meurthe-et-Moselle).

After having successfully started-up its demonstration plant in Clermont-Ferrand, Carbios is moving one step further towards the industrialization and commercialization by partnering with Indorama Ventures. The goal is to build and operate in France the world’s first industrial-scale enzymatic PET bio-recycling plant, with a processing capacity estimated at ca. 50.000 tons of post-consumer PET waste per year, equivalent to 2 billion PET bottles or 2.5 billion PET trays.

The capital investment required for the project is expected to be around €150 million for Carbios core technology, including in particular an additional purification step, which has been integrated into the process. In addition, an estimated €50 million investment will be allocated for the infrastructure preparation of the site. The project is expected to create approximatively 150 direct and indirect full-time jobs. In the coming months, Carbios expects to finalize a strong non-dilutive financial support from French Government and from the Grand-Est Region5, based on the offer received last week by Carbios, from the Minister of Industry, Agnès Pannier-Runacher and the President of Grand-Est Region, Jean Rottner.

This financial support will be conditional on the notification to the European Commission and on contractualization by French authorities. Carbios announced in its half-year results on the 30th September 2021 a cash position of €112 million. Since then, Carbios has also secured a €30 million loan from EIB.

Source:

Carbios

19.01.2022

Tata Communications announces its financial results for Q3 FY2022

Tata Communications, a global digital ecosystem enabler, today announces its financial results for the quarter and nine months ended 31st December 2021.

Highlights Q3 FY2022:

  • Sequential growth in Data business continues; revenues were at INR 3,233 crore, growing by +3.0% QoQ and +3.4% YoY. All 3 segments (Core Connectivity, Digital Platforms, & Incubation services) of Data business witnessed healthy growth
  • Digital Platforms and Solutions continue to improve and gain growth momentum, revenues grew by +5.2% QoQ and +6.7% YoY
  • Within Digital Platforms, all segments except Collaboration witnessed double digit YoY growth and strong sequential growth
  • Core Connectivity witnessed a revenue growth of +1.6% QoQ and +1.3% YoY
  • Consolidated revenue came in at INR 4,185 crore (USD 558.5 Mn); growth of +0.3% QoQ and a decline of -0.9% YoY. Consolidated EBITDA at INR 1,082.5 crore (USD 144.5 Mn); an increase of +3.5% YoY, with margins in at 25.9%, expanding by 110 BPs as compared to same quarter last year
  • Consolidated PAT stands at INR 395 crore (USD 52.8 Mn), growth of + 27.8% YoY

Tata Communications, a global digital ecosystem enabler, today announces its financial results for the quarter and nine months ended 31st December 2021.

Highlights Q3 FY2022:

  • Sequential growth in Data business continues; revenues were at INR 3,233 crore, growing by +3.0% QoQ and +3.4% YoY. All 3 segments (Core Connectivity, Digital Platforms, & Incubation services) of Data business witnessed healthy growth
  • Digital Platforms and Solutions continue to improve and gain growth momentum, revenues grew by +5.2% QoQ and +6.7% YoY
  • Within Digital Platforms, all segments except Collaboration witnessed double digit YoY growth and strong sequential growth
  • Core Connectivity witnessed a revenue growth of +1.6% QoQ and +1.3% YoY
  • Consolidated revenue came in at INR 4,185 crore (USD 558.5 Mn); growth of +0.3% QoQ and a decline of -0.9% YoY. Consolidated EBITDA at INR 1,082.5 crore (USD 144.5 Mn); an increase of +3.5% YoY, with margins in at 25.9%, expanding by 110 BPs as compared to same quarter last year
  • Consolidated PAT stands at INR 395 crore (USD 52.8 Mn), growth of + 27.8% YoY
Source:

Tata Communications / Harvard Engage! Communications

14.01.2022

Indorama Ventures wins “Best Sustainability-Linked Transaction & Best ESG-Linked Financing Deal of the Year”

Indorama Ventures Public Company Limited (IVL) was awarded “Best Sustainability-Linked Transaction & Best ESG-Linked Financing Deal of the Year” for its THB 10 billion Sustainability-Linked Bond (SLB) issued in November 2021.

The award was announced at the 15th Best Deal & Solution Awards 2021 by Alpha Southeast Asia, an institutional publication focused on investment in Southeast Asia. This recognition marks IVL's commitment to sustainable growth and ESG performance as a global leader in the chemical industry.

Yash Lohia, Chairman of ESG Council at Indorama Ventures, said, "This award reflects our long-standing commitment to sustainability and creating opportunities for investors to take part in the positive transformation of the chemical industry. This award confirms that financial markets value our ambitious sustainability and ESG efforts towards a more sustainable future.”

Indorama Ventures Public Company Limited (IVL) was awarded “Best Sustainability-Linked Transaction & Best ESG-Linked Financing Deal of the Year” for its THB 10 billion Sustainability-Linked Bond (SLB) issued in November 2021.

The award was announced at the 15th Best Deal & Solution Awards 2021 by Alpha Southeast Asia, an institutional publication focused on investment in Southeast Asia. This recognition marks IVL's commitment to sustainable growth and ESG performance as a global leader in the chemical industry.

Yash Lohia, Chairman of ESG Council at Indorama Ventures, said, "This award reflects our long-standing commitment to sustainability and creating opportunities for investors to take part in the positive transformation of the chemical industry. This award confirms that financial markets value our ambitious sustainability and ESG efforts towards a more sustainable future.”

IVL's THB 10 billion issuance sets a new benchmark as the largest SLB transaction in Thailand and the first offered to both institutions and high-net-worth investors. The financial instrument is linked to the company's sustainability goals of reducing GHG emissions intensity by 10% by 2025, increasing recycling of PET bale input to 750,000 tons per year by 2025, and achieving 25% renewable electricity consumption in 2030.

IVL appointed Bangkok Bank, Kasikorn Bank, Krungthai Bank, Siam Commercial Bank, and the Bangkok branch of HSBC as as arrangers and bookrunners for the green transaction.

Source:

Indorama Ventures Public Company Limited

03.11.2021

Indorama Ventures issues THB 10 billion Sustainability-Linked Bond

Indorama Ventures Public Company Limited issued a THB 10 billion triple-tranche Sustainability-Linked Bond, showcasing the company’s long-standing commitment to sustainable growth. It is the largest SLB issued in Thailand and the first offered to both institutions and high-net-worth investors.

The bond is part of IVL’s financing strategy across a range of instruments linked to the company’s sustainability targets. It is aligned with internationally accepted standards including International Capital Markets Association’s (ICMA) Sustainability-Linked Bond Principles and the Loan Market Association’s (LMA) Sustainability Linked Loan Principles.

The SLB is linked to IVL’s performance of reducing GHG emissions intensity by 10% by 2025 (from a 2020 base), increasing recycling of PET bale input to 750,000 tons per year by 2025, and achieving 25% renewable electricity consumption in 2030.

Indorama Ventures Public Company Limited issued a THB 10 billion triple-tranche Sustainability-Linked Bond, showcasing the company’s long-standing commitment to sustainable growth. It is the largest SLB issued in Thailand and the first offered to both institutions and high-net-worth investors.

The bond is part of IVL’s financing strategy across a range of instruments linked to the company’s sustainability targets. It is aligned with internationally accepted standards including International Capital Markets Association’s (ICMA) Sustainability-Linked Bond Principles and the Loan Market Association’s (LMA) Sustainability Linked Loan Principles.

The SLB is linked to IVL’s performance of reducing GHG emissions intensity by 10% by 2025 (from a 2020 base), increasing recycling of PET bale input to 750,000 tons per year by 2025, and achieving 25% renewable electricity consumption in 2030.

The triple-tranche structure includes 5-, 7-, and 10.5-year tenors, offering coupons of 2.48%, 3.00% and 3.60% per year respectively, targeting asset managers, commercial banks, insurance companies, cooperatives and high-net-worth individuals. With the orderbook peaking at over THB 17.8 billion due to strong interest in the sustainability-linked instrument, oversubscription was around 3x over the planned issuance amount of THB 6 billion with a green shoe option of THB 4 billion. In view of the strong orderbook from the investors, the company decided to exercise the green shoe option and increased the issuance to THB 10 billion, setting a new benchmark as the largest SLB transaction in Thailand. IVL appointed Bangkok Bank, Kasikorn Bank, Krungthai Bank, Siam Commercial Bank, and The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch as arrangers and bookrunners for the transaction.

On 23 September 2021, the bond was assigned an AA- rating and a “stable” outlook by TRIS Rating following a strong recovery of petrochemicals and derivatives and IVL’s growing profitability.

Under the terms, all tranches must purchase Energy Attribute Certificates (EAC) or voluntary carbon offsets in the event of failure to meet the sustainability performance targets (SPT). The testing dates for tenors with a maturity of 5 and 7 years are 31 December 2025, and 31 December 2030 for the 10.5-year tenor. SPT performance will be independently verified upon the testing dates.Proceeds for the issuance will be used to finance IVL’s corporate working capital and refinance existing debt.

In recent years, IVL secured loans linked to improvements in the company’s sustainability performance as a global leader in environmental, social and governance (ESG) integration. These included Thailand’s first Green Loan of USD 200 million and EUR 200 million from Japan’s Mizuho Bank, Thailand’s first cross-border Sustainability-Linked Ninja Loan worth USD 225 million from 16 institutions in Japan and a Blue Loan of USD 300 million arranged by International Finance Corporation and funded by Asian Development Bank and DEG.

Source:

Indorama Ventures Public Company Limited

30.08.2021

The Renewable Carbon Initiative RCI is joining forces

  • From fossil to renewable materials: Members advocate policy analysis and focused implementation of the renewable carbon strategy

The members of the Renewable Carbon Initiative (RCI) (www.renewable-carbon-initiative.com), founded in September 2020, have joined forces to shape the transition from the fossil to the renewable age for the chemical and materials industry. This means spreading the concept of renewable carbon and developing new value chains based on renewable carbon as a feedstock.

In the meantime, several activities have started from which future members can benefit as well. First and foremost is the kick-off to comprehensive policy analysis. What influence will forthcoming regulation have on chemicals, plastics, and other materials? When and where should the renewable carbon idea be emphasized and referred to?

The policy analysis will examine pending policies in the European Union – and a later expansion to America and Asia is planned as well.

  • From fossil to renewable materials: Members advocate policy analysis and focused implementation of the renewable carbon strategy

The members of the Renewable Carbon Initiative (RCI) (www.renewable-carbon-initiative.com), founded in September 2020, have joined forces to shape the transition from the fossil to the renewable age for the chemical and materials industry. This means spreading the concept of renewable carbon and developing new value chains based on renewable carbon as a feedstock.

In the meantime, several activities have started from which future members can benefit as well. First and foremost is the kick-off to comprehensive policy analysis. What influence will forthcoming regulation have on chemicals, plastics, and other materials? When and where should the renewable carbon idea be emphasized and referred to?

The policy analysis will examine pending policies in the European Union – and a later expansion to America and Asia is planned as well.

A particular focus will be placed on upcoming policies and regulations and how they impact renewable carbon. The members are currently deciding on where to start specifically, but questions that may be considered are: What does the new climate law and the “Fit for 55-Package” mean for chemicals and materials? What can be expected from REACH and microplastics restrictions? How relevant is the “Sustainable Products Initiative” and the coming restrictions for Green Claims? Circular Economy, Zero Pollution and Sustainable Financing are keywords of the future European landscapes, which might become very concrete for chemistry and materials in the next few years. To what extent the concept of renewable carbon for materials is considered in policy already and how it could be further introduced in future legislation are two of the main questions investigated in the working group “Policy”.

This working group is open to all members of RCI. Policy experts provide the respective analysis as a foundation, organising discussions between members of the policy group and plan meetings with policymakers to introduce the Renewable Carbon concept.

Additional working groups have been created, one with a focus on communication, the other looking at the development of a renewable carbon label. In early September, a renewable carbon community will be launched as a starting point for even more interaction between the members, to discuss strategies, create new value chains and start project consortia.

The Renewable Carbon Initiative (RCI) is a dynamic and ambitious group of interested parties. Membership numbers have now more than doubled since the launch almost a year ago, with RCI now boasting 25 members, 6 partners and over 200 supporters. It welcomes all companies that are on the way to transform their resource base from fossil to renewable.

More information:
Renewable Carbon Initiative
Source:

nova-Institut für politische und ökologische Innovation GmbH für RCI

(c) Indorama Ventures Public Company Limited
16.08.2021

Indorama Ventures acquires Brazil-based Oxiteno

  • Goal: Creating a unique portfolio in high-value surfactants

Indorama Ventures Public Company Limited (IVL), a global chemicals producer, today announced it agreed to acquire Brazil-based Oxiteno S.A. Indústria e Comércio, a subsidiary of Ultrapar Participações S.A. The acquisition gives IVL a unique portfolio in high-value surfactants and significantly extends its existing Integrated Oxides and Derivatives (IOD) business.

IVL will purchase Oxiteno for US$1.3 billion (subject to adjustments at closing), with a deferred payment of $150 million in 2024. The transaction is subject to customary conditions to closing, including approval of relevant regulatory authorities. The transaction is expected to close in Q1 2022 and will be earnings accretive immediately. Financing is secured through deferred payment, using existing extra cash on our balance sheet, free cash flow generated from existing businesses, short term loans against working capital and the balance as long-term debt.

  • Goal: Creating a unique portfolio in high-value surfactants

Indorama Ventures Public Company Limited (IVL), a global chemicals producer, today announced it agreed to acquire Brazil-based Oxiteno S.A. Indústria e Comércio, a subsidiary of Ultrapar Participações S.A. The acquisition gives IVL a unique portfolio in high-value surfactants and significantly extends its existing Integrated Oxides and Derivatives (IOD) business.

IVL will purchase Oxiteno for US$1.3 billion (subject to adjustments at closing), with a deferred payment of $150 million in 2024. The transaction is subject to customary conditions to closing, including approval of relevant regulatory authorities. The transaction is expected to close in Q1 2022 and will be earnings accretive immediately. Financing is secured through deferred payment, using existing extra cash on our balance sheet, free cash flow generated from existing businesses, short term loans against working capital and the balance as long-term debt.

Oxiteno is a leading integrated surfactants producer, catering to highly attractive end-use markets in LATAM. The acquisition brings an excellent management team, world-class expertise in green chemistry innovation, strong customer relationships in Brazil, Uruguay and Mexico, and substantial growth potential in attractive end markets, including the U.S. through a new facility in Pasadena, Texas. Oxiteno has a strong commitment to environmental governance, and its focus on lowering greenhouse gas emissions will also enhance IVL’s ESG credentials.

Source:

Indorama Ventures Public Company Limited

05.07.2021

Infinited Fiber Company raises EUR 30 million from new Investors

Circular fashion and textile technology group Infinited Fiber Company has secured investments totaling 30 million euros in its latest financing round completed on June 30. The round also brought Infinited Fiber Company new investors, including sportswear company adidas, Invest FWD A/S, which is BESTSELLER’s investment arm for sustainable fashion, and investment company Security Trading Oy. Among the existing investors contributing to this round of financing were fashion retailer H&M Group, who was the lead investor, investment company Nidoco AB, and Sateri, the world’s largest viscose producer and a member of the RGE group of companies.

Circular fashion and textile technology group Infinited Fiber Company has secured investments totaling 30 million euros in its latest financing round completed on June 30. The round also brought Infinited Fiber Company new investors, including sportswear company adidas, Invest FWD A/S, which is BESTSELLER’s investment arm for sustainable fashion, and investment company Security Trading Oy. Among the existing investors contributing to this round of financing were fashion retailer H&M Group, who was the lead investor, investment company Nidoco AB, and Sateri, the world’s largest viscose producer and a member of the RGE group of companies.

This securement of new funding follows Infinited Fiber Company’s April announcement of plans to build a flagship factory in Finland in response to the strong growth in demand from global fashion and textile brands for its regenerated textile fiber Infinna™. The factory, which will use household textile waste as raw material, is expected to be operational in 2024 and to have an annual production capacity of 30,000 metric tons. The new funding enables Infinited Fiber Company to carry out the work needed to prepare for the flagship factory investment and to increase production at its pilot facilities in the years leading to 2024.

“We are really happy to welcome our new investors and grateful for the continued support from our older investors,” said Infinited Fiber Company co-founder and CEO Petri Alava. “These new investments enable us to proceed at full speed with the pre-engineering, environmental permits, and the recruitment of the skilled professionals needed to take our flagship project forward. We can now also boost production at our pilot facilities so that we can better serve our existing customers and grow our customer-base in preparation for both our flagship factory and for the future licensees of our technology.”

H&M Group is one of Infinited Fiber Company’s earliest investors. They first invested in Infinited Fiber Company in 2019.

H&M Group has also signed a multiyear sales deal with Infinited Fiber Company to secure its access to agreed amounts of Infinna from the planned flagship factory.

New investor BESTSELLER has struck a similar sales deal with Infinited Fiber Company.

In addition to strong interest by global fashion leaders, the technology has significant promise for major textile fiber producers. Allen Zhang, President of Sateri, said: “Sateri is excited to continue to invest in and collaborate with Infinited Fiber Company as part of our long-term commitment towards closed-loop, circular and climate-positive cellulosic fibers. This financing round marks a major milestone for our collaboration in scaling up next-generation fiber solutions.”

Infinited Fiber Company’s flagship plant preparations are also proceeding on other fronts. Several Nordic and international investment banks have given Infinited Fiber Company proposals on the financing options for the investment.

Infinited Fiber Company’s technology turns cellulose-based raw materials, like cotton-rich textile waste, into Infinna, a unique, premium-quality regenerated textile fiber with the natural, soft look and feel of cotton. Infinna is biodegradable and contains no microplastics, and at the end of their life, garments made with it can be recycled in the same process together with other textile waste.

Source:

Infinited Fiber Company

11.03.2021

Lenzing Group weathers the crisis year 2020 and remains strategically well on track

  • Successful implementation of measures to fight the COVID-19 pandemic with a focus on the safety and health of employees, customers and partners and securing sustainable business development
  • Implementation of strategic investment projects progressing on schedule – financing contracts for the construction of the pulp plant in Brazil concluded according to plan
  • Lenzing expands its lead in sustainability and circular economy – first TENCEL™ branded carbon-zero fibers launched
  • Successful issuance of a EUR 500 mn hybrid bond further strengthens balance sheet structure
  • Lenzing expects recovery of the fiber market to continue in 2021 and an operating result on pre-crisis level

Lenzing – In 2020, the Lenzing Group successfully responded to the extremely difficult market environment due to the COVID-19 crisis by implementing a broad package of measures and remains fully on track in terms of its strategy. The measures focused on protecting Lenzing’s employees and partners and on safeguarding its operations.

  • Successful implementation of measures to fight the COVID-19 pandemic with a focus on the safety and health of employees, customers and partners and securing sustainable business development
  • Implementation of strategic investment projects progressing on schedule – financing contracts for the construction of the pulp plant in Brazil concluded according to plan
  • Lenzing expands its lead in sustainability and circular economy – first TENCEL™ branded carbon-zero fibers launched
  • Successful issuance of a EUR 500 mn hybrid bond further strengthens balance sheet structure
  • Lenzing expects recovery of the fiber market to continue in 2021 and an operating result on pre-crisis level

Lenzing – In 2020, the Lenzing Group successfully responded to the extremely difficult market environment due to the COVID-19 crisis by implementing a broad package of measures and remains fully on track in terms of its strategy. The measures focused on protecting Lenzing’s employees and partners and on safeguarding its operations. Lenzing flexibly adjusted production volumes and was able to offer its customers the usual delivery service at any time. In addition, Lenzing also intensified measures for structural earnings improvement to mitigate the effect of the pressure on fiber prices and demand for fibers, and reduced its operating costs.

Please read the attached document for more information.

More information:
Lenzing Group Covid-19
Source:

Lenzing Aktiengesellschaft

Swedish machine builders set for Scandinavia’s Textiles 4.0 circular revolution (c) TMAS
Coloreel’s advanced rapid color formulation software and high-speed drive technology allow a single needle to carry out what previously required many multiples of them to do.
09.03.2021

Swedish machine builders set for Scandinavia’s Textiles 4.0 circular revolution

  • Several members of TMAS – the Swedish Textile Machinery Association – are actively advancing new coloration technologies as part of a wave of innovation that is currently sweeping out from Scandinavia.

New manufacturers of regenerated cellulosic fibers as alternatives to cotton and synthetics, for example, have been gaining a lot of attention recently, as they scale up to meet demands for a circular approach to the manufacturing of textiles and garments.

These companies have, in turn, been embraced by major Scandinavian brands such as the Danish clothing company Bestseller, Finnish fashion house Marimekko, Norwegian outdoor brand Bergans and Sweden’s own H&M Group.

Fiber journey
From the field or the forest to the retail shelves, however, the journey of every single textile fiber is currently a long one, in which it passes through many hands and moves around the world. The good news is that many of these individual stages are now being greatly simplified by digitalization.

  • Several members of TMAS – the Swedish Textile Machinery Association – are actively advancing new coloration technologies as part of a wave of innovation that is currently sweeping out from Scandinavia.

New manufacturers of regenerated cellulosic fibers as alternatives to cotton and synthetics, for example, have been gaining a lot of attention recently, as they scale up to meet demands for a circular approach to the manufacturing of textiles and garments.

These companies have, in turn, been embraced by major Scandinavian brands such as the Danish clothing company Bestseller, Finnish fashion house Marimekko, Norwegian outdoor brand Bergans and Sweden’s own H&M Group.

Fiber journey
From the field or the forest to the retail shelves, however, the journey of every single textile fiber is currently a long one, in which it passes through many hands and moves around the world. The good news is that many of these individual stages are now being greatly simplified by digitalization.

“Digitalization will lead to a significant reduction in garments that for one reason or another are never sold and end up in landfill,” says Therese Premler-Andersson, Secretary General of TMAS. “There will of course, be a huge ecological benefit.”

At the very center of any fiber’s journey, once it has become part of a knitted or woven fabric, are the dyeing and finishing stages of textile production. Dyeing and finishing currently involves many washing and drying process steps which add a huge burden to the overall carbon footprint of finished garments and textile products.

Coloreel expansion
Here is where the latest fully digital technologies of TMAS member companies are making a dramatic difference, such as the instant thread coloration technology, of Coloreel, which has just raised SEK 100 in new financing to support its market expansion and growth.

Initially targeting the embroidery market, Coloreel technology enables the high-quality and instant coloring of a textile thread while it is actually being used in production and can be paired with any existing embroidery machine without modification, while also making it possible to produce gradients in an embroidery for the first time.

Based on a CMYK ink system, Coloreel’s advanced rapid color formulation software and high-speed drive technology allow a single needle to carry out what previously required many multiples of them to do – and with much more consistent stitch quality,

In addition, existing thread dyeing plants can add a single solid color to a thread, but by instantly coloring a white base thread during production, Coloreel enables complete freedom to create unique embroideries without any limitations in the use of colors. Color changes along the thread can either be made rapidly from one solid color to another, or gradually, to make smooth transitions or any coloring effect desired.

This provides big benefits when it comes to sustainability. There is a significant reduction in wasted inks, while water usage is minimized, and production speeds are increased. The technology allows set-up and lead times to be reduced as well as significant flexibility in production schedules, while eliminating the need for large thread inventories.

“Our system is allowing customers to achieve color effects that have never been seen before – and at a new level of efficiency,” says VP of Sales and Marketing at Coloreel, Mats Sjögren. “We are setting the new benchmark for the embroidery industry.”

Despite the Covid-19 pandemic, Coloreel, has recently successfully delivered units to companies in Europe, the United States and Asia, and has also partnered with the world’s largest distributor of embroidery machines, American Hirsch Solutions, which has already installed the technology at a number of customers in the USA.

imogo
Another TMAS member achieving rapid progress is imogo, which is currently installing its first industrial scale Dye-Max spray dyeing line at the plant close to Borås of Swedish commission dyeing company 7H Färgeri – the Nordic region’s most complete dyeing and processing plant.

The new line has a working width of 1.8 meters with an operating speed of up to 50 meters for the reactive dyeing of cellulosic fiber-based fabrics. In addition, it can carry out the application of a wide range of fabric pre-treatments and finishing processes, providing the company with unbeatable flexibility in production.

A proven Mini-Max laboratory unit for pre-determining application volumes and color matching has also been installed at the 7H plant.

With the potential to slash the use of fresh water, wastewater, energy, and chemicals by as much as 90% compared to conventional jet dyeing systems, the DyeMax has gained considerable attention since the concept was outlined and a prototype machine constructed in 2019.

The application unit of the Dye-Max consists of a closed chamber containing a series of spray cassettes with precision nozzles for accurate and consistent coverage, in combination with the patented imogo Pro Speed valve that controls the volume to be applied.

“We are achieving an extremely low liquor ratio of around 0.5-1 liters per kilo of fabric and we fully control the pickup, applying precisely what is required to the specific fabric,” says imogo founding partner Per Stenflo. “Compared to traditional padders there is no contamination of the dyebath or dilution of the dye liquor to worry about.”
Fast changeovers with virtually no waste, together with a high production speed, enable a high productivity and unmatched production flexibility.

“The Dye-Max will be implemented in 7H daily production and producers and brands are welcome to visit when the Covid-19 situation allows. They are also welcome to do test productions at 7H to verify the performance on their fabrics.”

Perfect bridge
“Such new digital technologies from TMAS members represent the perfect bridge for sustainable new fibers on their route to the finished garments of responsible brands on the retail shelves,” concludes Therese Premler-Andersson. “There is now a real momentum building industry-wide for new circular manufacturing, and TMAS companies intend to be very much a part of it.”

Lenzing AG successfully issues EUR 500 million hybrid bond (c) Lenzing AG
Lenzing AG successfully issues EUR 500 million hybrid bond
30.11.2020

Lenzing AG successfully issues EUR 500 million hybrid bond

  • Lenzing AG has successfully issued a hybrid bond – a subordinated, unsecured bond – with a total volume of EUR 500 mn and a coupon of 5.75 percent.

The bond was multiple times oversubscribed, has a perpetual tenor and achieves 100 percent IFRS equity accounting due to its structural features. It has successfully been issued following a two-day roadshow with international investors. The denomination of the hybrid bond is EUR 100,000. It is Lenzing’s first hybrid bond on the capital market and will further strengthen the company’s capital structure.

“The success of our hybrid issuance underlines the creditworthiness of Lenzing and the confidence of the capital market in our company. The completion of the transaction strengthens our balance sheet and is a further step in diversifying our financing structure”, said Thomas Obendrauf, Chief Financial Officer of Lenzing AG.

BNP Paribas and Morgan Stanley acted as joint global coordinators and structuring advisors and BNP Paribas, Morgan Stanley and UniCredit as joint bookrunners.

  • Lenzing AG has successfully issued a hybrid bond – a subordinated, unsecured bond – with a total volume of EUR 500 mn and a coupon of 5.75 percent.

The bond was multiple times oversubscribed, has a perpetual tenor and achieves 100 percent IFRS equity accounting due to its structural features. It has successfully been issued following a two-day roadshow with international investors. The denomination of the hybrid bond is EUR 100,000. It is Lenzing’s first hybrid bond on the capital market and will further strengthen the company’s capital structure.

“The success of our hybrid issuance underlines the creditworthiness of Lenzing and the confidence of the capital market in our company. The completion of the transaction strengthens our balance sheet and is a further step in diversifying our financing structure”, said Thomas Obendrauf, Chief Financial Officer of Lenzing AG.

BNP Paribas and Morgan Stanley acted as joint global coordinators and structuring advisors and BNP Paribas, Morgan Stanley and UniCredit as joint bookrunners.

Source:

Lenzing AG

Lenzing Aktiengesellschaft (c) Lenzing Aktiengesellschaft
Lenzing Aktiengesellschaft
05.08.2020

COVID-19 impacts revenue and earnings of the Lenzing Group in the first half of 2020

  • Fiber prices and demand under pressure
  • Measures to protect employees, customers and suppliers and to keep plants operational implemented successfully
  • Joint venture Hygiene Austria established for industrial production of protective masks in the fight against the COVID-19 pandemic – new distribution channel via shop.hygiene-austria.at
  • Strategic investment projects progress according to plan – financing agreements for construction of pulp plant in Brazil concluded as planned
  • Revenue and operating result in the remaining quarters of 2020 expected to exceed that of the second quarter

Lenzing – In the first half of 2020, the Lenzing Group faced a historically difficult market environment with increased pressure on prices and volumes resulting from the COVID-19 crisis. To counteract that, Lenzing intensified its cooperation with partners along the value chains and adjusted its production volumes and sales prices to market reality.

  • Fiber prices and demand under pressure
  • Measures to protect employees, customers and suppliers and to keep plants operational implemented successfully
  • Joint venture Hygiene Austria established for industrial production of protective masks in the fight against the COVID-19 pandemic – new distribution channel via shop.hygiene-austria.at
  • Strategic investment projects progress according to plan – financing agreements for construction of pulp plant in Brazil concluded as planned
  • Revenue and operating result in the remaining quarters of 2020 expected to exceed that of the second quarter

Lenzing – In the first half of 2020, the Lenzing Group faced a historically difficult market environment with increased pressure on prices and volumes resulting from the COVID-19 crisis. To counteract that, Lenzing intensified its cooperation with partners along the value chains and adjusted its production volumes and sales prices to market reality. The disciplined implementation of the sCore TEN corporate strategy and the focus on specialty fibers continued to have a positive impact.*

*Please read the attached document for more information

More information:
Lenzing AG Covid-19 Coronakrise
Source:

Lenzing Aktiengesellschaft

30.06.2020

Autoneum realigns financing sustainably

Due to the COVID 19 crisis and its significant impact on the automotive industry and Autoneum's course of business, the Company and a bank consortium have amended the existing long-term credit agreement in the amount of CHF 350 million, amongst others with regard to the financial covenants.

At the same time, the two major shareholders Michael Pieper and Peter Spuhler have  agreed to extend the term of the subordinated loans of CHF 20 million each, granted in December 2019, subject to the financial performance of Autoneum Group and aligned with the credit agreement with the bank syndicate. As a result, Autoneum's liquidity and long-term financing continue to be secured on a sustainable basis.

Due to the COVID 19 crisis and its significant impact on the automotive industry and Autoneum's course of business, the Company and a bank consortium have amended the existing long-term credit agreement in the amount of CHF 350 million, amongst others with regard to the financial covenants.

At the same time, the two major shareholders Michael Pieper and Peter Spuhler have  agreed to extend the term of the subordinated loans of CHF 20 million each, granted in December 2019, subject to the financial performance of Autoneum Group and aligned with the credit agreement with the bank syndicate. As a result, Autoneum's liquidity and long-term financing continue to be secured on a sustainable basis.

More information:
Covid-19 Autoneum
Source:

Autoneum Management AG

02.04.2020

SGL Carbon SE suspends guidance for the current fiscal year

The previously communicated targets for 2020 are unlikely to be achieved due to the COVID-19 pandemic

The Board of Management of SGL Carbon SE determined today, that the forecasted results for the fiscal year 2020 are unlikely to be achieved due to the global COVID-19 pandemic. In light of the substantial uncertainty regarding the duration and the consequences of the COVID-19 pandemic, the Board of Management is currently unable to provide a reliable sales revenue and earnings forecast for the current year. Consequently, the guidance for 2020 is suspended. 

The previously communicated targets for 2020 are unlikely to be achieved due to the COVID-19 pandemic

The Board of Management of SGL Carbon SE determined today, that the forecasted results for the fiscal year 2020 are unlikely to be achieved due to the global COVID-19 pandemic. In light of the substantial uncertainty regarding the duration and the consequences of the COVID-19 pandemic, the Board of Management is currently unable to provide a reliable sales revenue and earnings forecast for the current year. Consequently, the guidance for 2020 is suspended. 

The previous expectation, which guided for a slightly lower sales revenue und a recurring EBIT1 approximately 10-15% below the prior year (sales revenue 2019: €1,087m; recurring EBIT 2019: €48m), was already made conditional by the Board of Management in the management report published on March 12, 2020, that negative effects from the coronavirus were not included, as the outbreak at that time was mainly restricted to China and Italy. In the meantime, numerous other governments have introduced far-reaching measures with substantial limitations on the public and economic sectors and leading economists now forecast significant reductions in economic output in key economies. 

The Board of Management of SGL Carbon has introduced and partially already implemented comprehensive measures to reduce the cost base and to secure liquidity. These measures include the introduction of short-time work, reduction of material and indirect spend, as well as further reduction resp. postponement of capital expenditures. In addition, we are exploring further financing options independent of the capital markets, some of which are already in preparation. The Company is intensively working on identifying and mitigating potential risks. 

More information:
SGL Carbon Coronavirus
Source:

SGL Carbon

Bremer Baumwollbörse, Bremer Rathaus (c) Bremen Cotton Exchange
Bremer Baumwollbörse, Bremer Rathaus
10.02.2020

International Cotton Conference Bremen 2020: keynotes

Focus on Sustainability and Climate Change

Passion for Cotton: The 35th International Cotton Conference Bremen starts on 25 March in the Hanseatic city’s historic Town Hall. But before subject-specific questions are discussed in depth in the individual sessions, the concise and inspiring keynotes by leading business experts from science and industry will draw attention to the current trends and challenges in the industry at the start of the conference. A large part of the presentations is shaped by the current discussion on environmental and sustainability issues and the resulting consequences for the global economy.

Climate Change and Sustainability

“Climate change - a storm in a teacup?” asks Kai Hughes, Executive Director of the International Cotton Advisory Committee, Washington D.C., USA, in a provocative speech. The aim of his presentation is to work out the challenges of climate change especially for agriculture and cotton production. This should form the basis for later discussion on concrete approaches and solutions within the cotton community.

Focus on Sustainability and Climate Change

Passion for Cotton: The 35th International Cotton Conference Bremen starts on 25 March in the Hanseatic city’s historic Town Hall. But before subject-specific questions are discussed in depth in the individual sessions, the concise and inspiring keynotes by leading business experts from science and industry will draw attention to the current trends and challenges in the industry at the start of the conference. A large part of the presentations is shaped by the current discussion on environmental and sustainability issues and the resulting consequences for the global economy.

Climate Change and Sustainability

“Climate change - a storm in a teacup?” asks Kai Hughes, Executive Director of the International Cotton Advisory Committee, Washington D.C., USA, in a provocative speech. The aim of his presentation is to work out the challenges of climate change especially for agriculture and cotton production. This should form the basis for later discussion on concrete approaches and solutions within the cotton community.

With his lecture “The HUGO BOSS sustainability programme ... and what our customer has to do with it” Andreas Streubig, Director of Global Sustainability at Hugo Boss AG, Metzingen, Germany, rolls up the textile value chain from a different angle, starting at the consumer level. As a representative of a premium brand for women's and men's clothing, Streubig discusses sustainability as a strategic element of the corporate strategy and provides information on how elements of the strategy are being implemented at Hugo Boss.

Rüdiger Senft, Head of Sustainability at Commerzbank, Frankfurt am Main, Germany, looks at the changing role of banks in financing the cotton market. In addition to a general introduction to the topic of sustainability and banking regulation, Senft's presentation deals with the financing of the cotton trade from a social and ecological point of view.
The opening session on 25 March is hosted by Bill Ballenden, founder and owner of Dragontree, Swindon, UK, an online auction platform for the cotton trade. As a former cotton manager for Louis Dreyfus in Europe and Asia, Bill Ballenden has many years of experience in the industry.

Cross-Cutting Issues: Digitalisation, Gender, Value Chains

The subsequent session in the conference programme with the headline “A Wider View” is devoted to currently defining trends and important cross-cutting issues in the industry. This goes far beyond classic cotton themes.

A lecture by Mark Messura, Senior Vice President, Global Supply Chain Marketing for Cotton Incorporated, Cary, North Carolina, deals with the role of cotton in an increasingly digitally controlled supply chain. Significant keywords here are faster delivery times, vertical integration, transparency and traceability.

The presentation by Roger Gilmartin, Managing Director of Tri-Blend Consulting, Charlotte, USA, entitled “The secret recipe for timely, cost-optimised and high-quality cotton clothing” promises exciting and enlightening insights. Tri-Blend Consulting conducts studies on the performance of different cotton varieties during the entire consumption process to the finished yarn and evaluates them from an economic point of view.

Amy Jackson, from the Better Cotton Initiative, London, UK, presents ICA Liverpool's “Women in Cotton” initiative. With this commitment, the initiative aims to increase the influence of women in the cotton industry and give them a stronger voice, for example by building networks in cooperation.

Navdeep Singh Sodhi, International Strategic Management Consultant at the Gherzi Textile Organisation, Switzerland, gives an insight into the current development of the value chain for cotton, textiles and clothing in Africa. Looking ahead to the coming decades, also in view of population growth, Africa is seen as having a high potential for building economic structures to improve income and prosperity.

Thomas Schneider, Professor at the University of Applied Sciences in Berlin and active in the field of production planning and control, textile materials and materials testing will host the session. A leading light in his field, Thomas Schneider has more than 30 years of experience in scientific and application-oriented research in the textile and fibre sector, including at the Fibre Institute Bremen e.V.

Source:

Bremer Baumwollbörse

20.12.2019

Lenzing joint venture to build dissolving wood pulp plant in Brazil

  • Investment of approx. USD 1.3 bn in 500,000 t dissolving wood pulp plant
  • Key milestone to structurally strengthen cost leadership position
  • Significant step towards carbon neutrality

The Lenzing Group and Duratex announced that they will build a 500,000 t dissolving wood pulp plant in the State of Minas Gerais, near Sao Paulo (Brazil). The start-up is planned for the first half of 2022. In the joint venture, Lenzing holds a 51 percent, Duratex a 49 percent stake. The expected industrial CAPEX will be approx. USD 1.3 bn. The project is financed through long-term debt. The corresponding financing contracts are expected to be concluded at the end of the first quarter of 2020.

  • Investment of approx. USD 1.3 bn in 500,000 t dissolving wood pulp plant
  • Key milestone to structurally strengthen cost leadership position
  • Significant step towards carbon neutrality

The Lenzing Group and Duratex announced that they will build a 500,000 t dissolving wood pulp plant in the State of Minas Gerais, near Sao Paulo (Brazil). The start-up is planned for the first half of 2022. In the joint venture, Lenzing holds a 51 percent, Duratex a 49 percent stake. The expected industrial CAPEX will be approx. USD 1.3 bn. The project is financed through long-term debt. The corresponding financing contracts are expected to be concluded at the end of the first quarter of 2020.

Key milestone to structurally strengthen cost leadership position
The new dissolving wood pulp plant strengthens the Lenzing Group’s backward integration and cost position as well as its specialty fiber growth in line with its sCore TEN corporate strategy. The single-line dissolving wood pulp plant with an annual nameplate capacity of 500,000 tons will be the largest and most competitive production facility of its kind. Dissolving wood pulp is a key raw material required for manufacturing Lenzing’s biobased fibers. The joint venture will supply the entire volume of dissolving wood pulp to the Lenzing Group.

“Wood-based cellulosic fibers offer an important contribution to enhance sustainability in the textile industry. In line with its corporate strategy sCore TEN, Lenzing is committed to drive organic growth in this market. With this investment, we will become more competitive, act more independently and subsequently strengthen our market position. The trust and support of the main shareholders of Lenzing and Duratex were of great importance for this key project”, states Stefan Doboczky, CEO of the Lenzing Group.

Strong focus on sustainability
In planning the new production facility, particular importance was given to sustainability aspects. The joint venture secured FSC®-certified plantations1 covering an area of over 44,000 hectares to provide the necessary biomass. These plantations operate completely in accordance with the guidelines and high standards of the Lenzing Group for sourcing wood and pulp. The plant will operate among the highest productive and energy-efficient in the world and will feed the 40 percent of excess bioelectricity generated on site as “green energy” into the public grid. With this project, Lenzing sets a milestone in its strategy to carbon neutrality.

Source:

Lenzing AG

25.01.2018

Lectra announces the acquisition of Kubix Lab

By combining the Lectra and Kubix Lab offers, Lectra will equip fashion customers with a revolutionary platform for managing product information.

Lectra, the technological partner for companies using fabrics and leather, announces the signing of a share purchase agreement to acquire the entire capital and voting rights of the Italian company Kubix Lab.

Founded at the end of 2015, Kubix Lab has developed a cutting-edge technological offer called Link. This offer enables fashion brands to manage, from end-to-end, all product information deriving notably from multiple IT systems (ERP, PDM, PLM…), within one single application. Users can modify, enrich or add new data, while maintaining data synchronization with all IT systems. In just a few months, Link has convinced over ten high-end Italian brands of its value.

By combining the Lectra and Kubix Lab offers, Lectra will equip fashion customers with a revolutionary platform for managing product information.

Lectra, the technological partner for companies using fabrics and leather, announces the signing of a share purchase agreement to acquire the entire capital and voting rights of the Italian company Kubix Lab.

Founded at the end of 2015, Kubix Lab has developed a cutting-edge technological offer called Link. This offer enables fashion brands to manage, from end-to-end, all product information deriving notably from multiple IT systems (ERP, PDM, PLM…), within one single application. Users can modify, enrich or add new data, while maintaining data synchronization with all IT systems. In just a few months, Link has convinced over ten high-end Italian brands of its value.

“We were particularly impressed by the relevance of the solution created by Kubix Lab,” underlines Daniel Harari, Chairman and Chief Executive Officer, Lectra. “By capitalizing on their knowledge of best practice, the founders of Kubix Lab knew how to develop an offer perfectly adapted to the expectations of fashion companies. Link enables all players involved in product development, manufacturing and sales to collaborate in real time, in a simple and efficient way, around exactly the same data.”

“We are delighted to join Lectra. We are convinced its leadership, global presence, strong expertise in the fashion industry and the richness of its product portfolio will enable us to develop an integrated offer with high value for all Lectra customers,” states Giampaolo Urbani, Chief Executive Officer and co-founder of Kubix Lab.

The founders of Kubix Lab will be in charge of developing an integrated Lectra – Link offer, which will complement - and reinforce - Lectra’s entire offer.

“Product data is at the heart of Link. We took an approach diametrically opposed to existing solutions on the market and designed an offer which is highly innovative, flexible, evolutionary and easy to use,” explains Pierluigi Beato, R&D director and co-founder of Kubix Lab. “With Lectra, we will take Link to the next level.”

The transaction involves the entire acquisition of Kubix Lab for the maximum amount of €7 million: €3 million paid when the acquisition agreement is signed; €1.3 million and €2.7 million paid respectively in 18 and 36 months’ time, providing objectives are met.

Final completion of the acquisition should take place by January 31, 2018.

These amounts will come from Lectra’s available cash, with no financing from the bank. Kubix Lab will be consolidated into Lectra’s accounts, effective from the signature of the final agreement.

More information:
Lectra Kubix Lab
Source:

Lectra Headquarters