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EQS-News: Lenzing and TreeToTextile join forces for next-generation cellulose fibers

EQS-News: 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.

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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:

   (1)https://mediadb.lenzing.com/pinaccess/showpin.do?pinCode=FIuAKpBuwXUI
   PIN: FIuAKpBuwXUI

    

    

    

   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

   ══════════════════════════════════════════════════════════════════════════

   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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