from Lenzing AG (isin : AT0000644505)
Lenzing and TreeToTextile join forces for next-generation cellulose fibers
EQS-News: Lenzing AG / Key word(s): Alliance/Sustainability
Lenzing and TreeToTextile join forces for next-generation cellulose fibers
07.10.2024 / 09:13 CET/CEST
The issuer is solely responsible for the content of this announcement.
Lenzing and TreeToTextile join forces for next-generation cellulose fibers
- Lenzing acquires minority share in Swedish cellulosic fiber company TreeToTextile AB
- Joining forces with H&M Group, Inter IKEA Group, Stora Enso, and LSCS Invest
- Partnership for next-generation cellulose fibers
Lenzing – The Lenzing Group, a leading supplier of regenerated cellulose fibers for the textile and nonwovens industries, announces the acquisition of a minority share in TreeToTextile AB, joining the existing shareholders H&M Group, Inter IKEA Group, Stora Enso, and LSCS Invest. The group of owners is united by the strong belief that sustainably produced fibers will have the power to change the textile industry to the better.
Lenzing Group has produced sustainable regenerated cellulosic fibers and dissolving wood pulp for over 85 years. With our fibers marketed under the TENCEL™, LENZING™ ECOVERO™ and VEOCEL™ brands, we are at the forefront of making the fiber industry more environmentally friendly. “We are excited about TreeToTextile’s award-winning technology and production process, which further reduces environmental impact, promotes the transition to a more sustainable future and is fully in line with our corporate strategy,” says Rohit Aggarwal, CEO of the Lenzing Group. “This partnership is a significant investment and a sign of Lenzing's relentless commitment to innovation by combining the power of its own innovation engine with a strong strategic cooperation approach. We look forward to contributing our expertise to TreeToTextile’s mission.”
Dr. Roxana Barbieru, CEO of TreeToTextile, adds: “Now with the additional expertise and sustainability leadership of our new shareholder Lenzing Group, our speed to market will increase significantly, to reach our ambitious goals and become an important player in the textile industry.”
TreeToTextile was established as a joint venture in 2014 with the objective of developing a more sustainable process for cellulosic fiber production. The company has operated pilot lines since 2015 and invested in a demonstration plant in 2021. The next step in the company's evolution will be to scale up the production and make its fibers available on the market.
The execution of the transaction is subject to regulatory approvals and expected by the first half of 2025.
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| Your contact for Public Relations Lenzing Group: Dominic Köfner Vice President Corporate Communications & Public Affairs Lenzing Aktiengesellschaft Werkstraße 2, 4860 Lenzing, Austria Phone +43 7672 701 2743 E-mail media@lenzing.com Web www.lenzing.com | Public Relations TreeToTextile: Nina Ekstrand Head of Marketing & Communication TreeToTextile AB Box 190, 101 23 Stockholm, Sweden Phone +46 76 110 67 12 E-mail nina.ekstrand@treetotextile.com Web www.treetotextile.com |
| About the Lenzing Group The Lenzing Group stands for eco-responsible production of specialty fibers based on cellulose and recycled material. As an innovation leader, Lenzing is a partner of global textile and nonwoven manufacturers and drives many new technological developments. The Lenzing Group’s high-quality fibers form the basis for a variety of textile applications ranging from functional, comfortable and fashionable clothing to durable and sustainable home textiles. Due to their special properties and their botanical origin, the TÜV certified biodegradable and compostable Lenzing fibers are also highly suitable for everyday hygiene products. The business model of the Lenzing Group goes far beyond that of a traditional fiber producer. Together with its customers and partners, Lenzing develops innovative products along the value chain, creating added value for consumers. The Lenzing Group strives for the efficient utilization and processing of all raw materials and offers solutions to help transform the textile industry from the current linear economic system towards a circular economy. In order to reduce the speed of global warming and thus also support the targets of the Paris Agreement and the EU Commission’s “Green Deal”, Lenzing has developed a clear science-based climate action plan that aims to significantly reduce greenhouse gas emissions by 2030 and a net-zero goal (scope 1, 2 and 3) by 2050. Key Facts & Figures Lenzing Group 2023 Revenue: EUR 2.52 bn Nominal capacity: 1,110,000 tonnes Employees (FTE): 7,917 TENCEL™, LENZING™ ECOVERO™, VEOCEL™, LENZING™ and REFIBRA™ are trademarks of Lenzing AG. |
| About TreeToTextile Swedish-based TreeToTextile is driving positive change in the textile industry, by providing better fibers to all for a resilient planet. Supported by the strong owners H&M Group, Inter IKEA Group, Stora Enso, and LSCS Invest. TreeToTextile develops a new innovative cellulose fiber technology, to provide a renewable and resource efficient fiber with a low environmental impact. The fiber has the potential to complement or replace part of the cotton, viscose and polyester markets. Key Facts & Figures TreeToTextile 2023 Year of establishment: 2014 Current owners: H&M Group, Inter IKEA Group, Stora Enso, LSCS Invest Number of employees: 46 Current facilities: HQ in Stockholm, Demo plant in Nymölla, Sweden, R&D Center in Mölndal, Gothenburg, Registered brand names: TreeToTextile™ (with symbol), Nyense™, Nyvado™ |
07.10.2024 CET/CEST This Corporate News was distributed by EQS Group AG. www.eqs.com
| Language: | English |
| Company: | Lenzing AG |
| 4860 Lenzing | |
| Austria | |
| Phone: | +43 7672-701-0 |
| Fax: | +43 7672-96301 |
| E-mail: | office@lenzing.com |
| Internet: | www.lenzing.com |
| ISIN: | AT0000644505 |
| Indices: | ATX |
| Listed: | Vienna Stock Exchange (Official Market) |
| EQS News ID: | 2002905 |
| End of News | EQS News Service |
2002905 07.10.2024 CET/CEST