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.
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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.
Photo download:
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Your contact for
Public Relations Lenzing Group: Public Relations TreeToTextile:
Dominic Köfner Nina Ekstrand
Vice President Corporate Head of Marketing & Communication
Communications & Public Affairs TreeToTextile AB
Lenzing Aktiengesellschaft Box 190, 101 23 Stockholm, Sweden
Werkstraße 2, 4860 Lenzing, Austria
Phone +46 76 110 67 12
Phone +43 7672 701 2743 E-mail
E-mail (2)media@lenzing.com (4)nina.ekstrand@treetotextile.com
Web (3)www.lenzing.com Web (5)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™
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07.10.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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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
References
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4. mailto:nina.ekstrand@treetotextile.com
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