INDEX™ 2020 Exhibitor Preview: Avgol

TEL-AVIV, Israel — February 19, 2020 — Avgol, a manufacturer of high-performance non-woven fabric solutions across turnkey markets, will bring its unique brand of customer-led innovation to INDEX™20.

INDEX20 is a leading industry showcase that highlights the impressive innovations in the field of non-woven materials and services. At the previous INDEX event in 2017, almost 13,000 visitors attended from over 100 countries around the globe. Reflecting the widespread growth and versatility of nonwoven materials, INDEX attracts representatives and delegates from sectors including hygiene, geotextiles, automotive, health and medical, geotextiles and packaging.

The exhibition takes place March 31-April 3 at Palexpo, Geneva, and is the largest of its kind in the region. The Avgol team will be welcoming attendees to stand 2119, highlighting both the short and long-term benefits of partnering with Avgol, including the impressive suite of technology innovations on offer.

In a commercial space that demands heightened sustainability, delegates to INDEX20 will find out more about the significant technologies developed by Avgol that enable eco-friendly processes and materials to run the full gamut of manufacturing, from initial design stage to completion.

One breakthrough innovation on display will be Avgol natureFIT™, a brand new platform of technologies that breathes new life and functionality into non-woven fabrics by replacing a number of traditionally synthetic components with naturally-derived alternatives that displace resin content with a specially designed mineral-based filler, bestowing cotton-like qualities into the material.

In addition, visitors to INDEX20 will find out more about beneFIT™ Care, a suite of value-added processes which enhance the consumer experience through natural additives that improve on friction reduction, skin wellness from moisture exposure, and prolonged article contact.

Tommi Björnman, chief commercial officer at Avgol, commented: “We’re delighted to exhibit at INDEX once again. The scope of non-woven materials in today’s world is so vast that it’s a great opportunity to bring turnkey sectors together and demonstrate the incredible innovations that are set to disrupt established markets.

“Our uniquely consumer-led approach to research and development has enabled us to drive new exciting technologies through not only our core markets of hygiene, automotive and medical applications, but to the wider industries that rely on non-woven fabrics every day. natureFIT and beneFIT care are two great examples of how Avgol is helping product designers to add value, flexibility and sustainability into new designs without sacrificing performance.”

Posted February 19, 2020

Source: Avgol Nonwovens

TRSA Honors Members’ Corporate Cultures That Foster Workplace Diversity

ALEXANDRIA, Va. — February 19, 2020 — Three national linen and uniform service chains have won TRSA’s 2020 Diversity Recognition Award, reflecting these members’ dedication to the “unlikeness” of individuals and their encouragement or facilitation of such variation in human qualities in their workforces. Winners will receive their trophies March 25 at the TRSA Legislative Conference in Washington.

Healthcare launderer Angelica, Oakbrook Terrace, Ill., is being honored for its variety of initiatives. The company continuously measures its workforce diversity to ensure it doesn’t decline; it has held steady in recent years around its current level of 82.26 percent minority. Diversity is promoted in the Angelica code of conduct (provided to all management and hourly staff). Top-level executives emphasize with plant management teams the value of uniting different cultures to strengthen the company. Employees are engaged in national ethnic heritage celebrations and they read the company newsletter’s quoting of world leaders espousing diversity and inclusion. Angelica recruits through LocalJobNetwork.com, which distributes job openings to diverse talent pools in a nationwide network of over 15,000 local community organizations.

Morgan Services’ Buffalo, N.Y., facility works with a local municipality that assists refugees with finding employment. Morgan staff and case worker teams collaborate in managing hiring of non-English- speaking individuals of Hispanic and Somalian background. Because many of these new applicants and new hires have no previous work experience, the facility has adapted a new on-boarding program to follow up and work with this agency to manage attendance issues and language barriers. Recent hiring of bilingual office staff helps ensure retention of these employees. Morgan is headquartered in Chicago.

Purestar Group, the hospitality laundry specialist based in Las Vegas, is committed to diversity throughout the organization, starting with executive leadership. Led by Ann Berry, board chair, women comprise 50 percent of the C-suite team, nearly twice the average representation of females in such roles in the industry’s public companies. Nearly 50 percent of first/mid-level managers are female and total female representation for the organization is 49 percent. Through employee engagement initiatives, the company identifies talented women interested in operations growth, developing specific plans for each driven participant. Each is assigned a mentor to support their leadership progression and help champion their successes. Several women currently participate in this program.

The TRSA Diversity Recognition Award acknowledges members’ efforts that represent a step forward in attracting or acknowledging diverse talent, improving intergroup interaction in a multi-cultural workforce or otherwise promoting and fostering inclusivity to support employees in any group. It was presented for the first time in 2019 to UniFirst Corp. (Wilmington, MA) and Service Linen Supply (Renton, WA).

Part of the TRSA Leadership Awards series, the diversity accolade will be presented during the Awards Dinner at the Legislative Conference, which will also acknowledge members’ exemplary efforts in customer and community service, plant operations, safety and sustainability. For more about the TRSA 10th Annual Legislative Conference, visit www.trsa.org/legcon.

Posted February 19, 2020

Source: TRSA

NCC Survey Suggests U.S. Producers To Plant 13.0 Million Acres Of Cotton In 2020

MEMPHIS, Tenn. — February 15, 2020 — U.S. cotton producers intend to plant 13.0 million cotton acres this spring, down 5.5 percent from 2019 (based on USDA’s February 2020 estimate), according to the National Cotton Council’s 39th Annual Early Season Planting Intentions Survey (see table below).

Upland cotton intentions are 12.8 million acres, down 5.6 percent from 2019, while extra-long staple (ELS) intentions of 224,000 acres represent a 2.7 percent decline. The survey results were announced today at the NCC’s 2020 Annual Meeting in New Orleans, La.

Dr. Jody Campiche, the NCC’s vice president, Economics & Policy Analysis, said, “Planted acreage is just one of the factors that will determine supplies of cotton and cottonseed. Ultimately, weather, insect pressures and agronomic conditions play a significant role in determining crop size.”

She said that with abandonment assumed at 13.8 percent for the United States, Cotton Belt harvested area totals 11.2 million acres. Using an average U.S. yield per harvested acre of 848 pounds generates a cotton crop of 19.8 million bales, with 19.1 million upland bales and 675,000 ELS bales.

The NCC questionnaire, mailed in mid-December 2019 to producers across the 17-state Cotton Belt, asked producers for the number of acres devoted to cotton and other crops in 2019 and the acres planned for the coming season. Survey responses were collected through mid-January.

Campiche noted, “History has shown that U.S. farmers respond to relative prices when making planting decisions. The cotton-to-corn and cotton-to-soybean price ratios are lower than in 2019 due to lower cotton prices and higher corn and soybean prices. A price ratio decrease generally indicates a decline in cotton acreage. For the 2020 crop year, corn, soybeans, and wheat are expected to provide modestly more competition for cotton acres.”

Southeast respondents indicate a 9.3 percent decrease in the region’s upland area to 2.7 million acres. All states in the Southeast show a decline in acreage. In Alabama, the survey responses indicate a 4.9 percent decrease in cotton acreage. In Florida, respondents indicated slightly less cotton due to a shift to corn. In Georgia, cotton acreage is expected to decline by 11.9 percent as growers expect to plant more corn and peanuts. In North Carolina, an 8.4 percent decline is expected. In South Carolina, cotton acreage is expected to decline by 10.7 percent while acreage of corn and  soybeans is expected in increase. Cotton acreage is expected to decline by 3.6 percent in Virginia.

Mid-South growers intend to plant 2.2 million acres, a decline of 6.5 percent from the previous year. Across the region, all states intend to decrease cotton acreage. Arkansas producers intend to plant 3.0 percent less cotton acreage and increase corn acres. Louisiana producers expect to plant 6.4 percent less cotton acreage in 2020 and plant more corn and soybeans. In Mississippi, cotton acreage is expected to decrease by 8.9 percent due to a shift to corn and soybeans. Missouri growers expect to decrease cotton acres by 2.1 percent and plant more corn. In Tennessee, cotton acreage is expected to decline by 11.8 percent percent as land shifts to corn and soybeans.

Southwest growers intend to plant 7.6 million cotton acres, a 3.4 percent decline. Increases in cotton area are expected in Kansas and Oklahoma, while a decrease is expected in Texas. In Kansas, producers intend to plant 5.1 percent more cotton acres and reduce corn and soybean acreage. In Oklahoma, a 3.3 percent increase in cotton acreage is expected. Texas acreage is expected to decline by 4.2 percent while corn and wheat acreage is expected to increase.

Far West producers are expecting to plant 221,000 upland cotton acres – a 20.5 percent decrease from 2019. Cotton acreage is expected to decrease in Arizona and California and increase slightly in New Mexico.

At current prices, many producers could continue to face difficult economic conditions in 2020. Production costs remain high, and unless producers have good yields, current prices may not be enough to cover all production expenses.

NCC delegates were reminded the expectations are a snapshot of intentions based on market conditions at survey time with actual plantings influenced by changing market conditions/weather.

Prospective 2020 U.S. Cotton Area

  2019 Actual (Thou.)  1/  2020 Intended (Thou.)  2/ Percent Change
SOUTHEAST 2,965  2,690  -9.3% 
  Alabama 540 513 -4.9%
  Florida 112 110 -2.2%
  Georgia 1,400 1,233 -11.9%
  North Carolina 510 467 -8.4%
  South Carolina 300 268 -10.7%
  Virginia 103 99 -3.6%
     
MID-SOUTH 2,400  2,244  -6.5% 
  Arkansas 620 601 -3.0%
  Louisiana 280 262 -6.4%
  Mississippi 710 647 -8.9%
  Missouri 380 372 -2.1%
  Tennessee 410 362 -11.8%
SOUTHWEST 7,865  7,598  -3.4% 
  Kansas 175 184 5.1%
  Oklahoma 640 661 3.3%
  Texas 7,050 6,753 -4.2%
WEST 278  221  -20.5% 
  Arizona 160 119 -25.7%
  California 55 38 -30.9%
  New Mexico 63 64 1.7%
TOTAL UPLAND 13,508  12,753  -5.6% 
TOTAL ELS 230  224  -2.7% 
  Arizona 8 7 -1.8%
  California 205 197 -3.9%
  New Mexico 5 5 0.0%
  Texas 12 14 15.5%
ALL COTTON 13,738  12,977  -5.5% 
       
1/ USDA-NASS February Estimate
2/ National Cotton Council

 

Posted February 18, 2020

Source: National Cotton Council

2020 World Cotton Outlook: U.S.-China Phase 1 Implementation And Coronavirus Bring New Uncertainties

MEMPHIS, Tenn. — February 15, 2020 — National Cotton Council economists point to a few key factors that will shape the U.S. cotton industry’s 2020 economic outlook.

This past year can be characterized as a year with significant uncertainty and volatility in the global economy and the world cotton market. On January 15, 2020, Trump signed the Phase 1 trade agreement with China. As part of the agreement, China has agreed to purchase an average of $40 billion in U.S. agricultural commodities, including cotton, over the next two years. However, the overall impact for cotton remains uncertain as commodity specific details have not been released.

While the Phase 1 trade agreement provided some cautious optimism for an improvement in the cotton economic situation, the China coronavirus outbreak in the early weeks of 2020 could delay China’s ability to increase purchases in the near-term. As a result, the potential impacts of the coronavirus represent a significant wildcard in the outlook for the world cotton market in the 2020 crop year.

In her analysis of the NCC Annual Planting Intentions survey results, Campiche said the NCC projects 2020 U.S. cotton acreage to be 13.0 million acres, 5.5 percent less than 2019. The expected drop in acreage is the result of slightly weaker cotton prices relative to corn and soybeans. With abandonment assumed at 13.8 percent for the United States, Cotton Belt harvested area totals 11.2 million acres. Using an average 2020 U.S. yield per harvested acre of 848 pounds generates a cotton crop of 19.8 million bales, with 19.1 million upland bales and 675,000 extra-long staple bales. U.S. cottonseed production is projected to decrease to 6.1 million tons in 2020.

Regarding domestic mill cotton use, the NCC is projecting a slight decline in U.S. mill use to 2.85 million bales in the 2020 crop year. As one of largest markets for U.S. cotton, U.S. mills continue to be critically important to the health of the cotton industry. In the face of rising textile imports from Asian suppliers, the U.S. textile industry has focused on new investment and technology adoption in order to remain competitive. The recently passed U.S.-Mexico-Canada Agreement (USMCA) includes some important provisions that should help boost the U.S. textile industry.

Campiche noted that export markets continue to be U.S. raw fiber’s primary outlet. World trade is estimated to be higher in the 2019 marketing year, but the retaliatory tariffs and increased competition from other major exporting countries has led to a sharp decline in the U.S. trade share in China. Despite the continued U.S.-China trade disruptions, U.S. export sales to other markets have been very strong for the current crop year.

Sales reached the highest level in the marketing year during the week ending on February 6. While export competition from Brazil remains strong, the U.S. has had increased opportunities for export sales to other markets in the 2019 crop year. Lower production in Australia, Pakistan, and Turkey has led to higher U.S. export sales. As a result, the United States will remain the largest exporter of cotton in 2019 with 16.5 million bales.

Prior to the implementation of tariffs, the United States was in a prime position to capitalize on the increase in Chinese cotton imports. With the imposition of the 25.0 percent tariff, China has turned to other suppliers during the 2018 and 2019 marketing years, allowing Brazil, Australia, and other countries to gain market share. Vietnam is currently the top export market for U.S. cotton in the 2019 crop year, followed by China and Pakistan.

U.S. exports are projected to drop slightly to 16.4 million bales in the 2020 marketing year. For this outlook, the U.S. is assumed to export 2.5 million bales to China in the 2020 crop year as compared to an estimated 2.0 million bales in the 2019 crop year. However, with record stocks outside of China, increased production in Brazil, and a partial recovery in Australia’s production, the U.S. will continue to face strong export competition in 2020. When combined with U.S. mill use, total offtake falls short of expected production, and ending stocks are projected at 5.9 million bales.

Campiche said world production is estimated to decline by 2.4 million bales in 2020 to 118.9 million as a result of lower cotton acreage. World mill use is projected to increase to 121.7 million bales in 2020. Ending stocks are projected to decline by 2.0 million bales in the 2020 marketing year to 80.1 million bales, resulting in a stocks-to-use ratio of 66.4 percent. Stocks outside of China are projected to increase to a record level in 2020.

Based on the underlying assumptions and resulting cotton balance sheet, stable stocks outside of China, increased export competition from Brazil, recovery in Australia’s production, and low manmade fiber prices will have a bearish influence on cotton prices. A quick containment of the coronavirus and a successful implementation of the Phase 1 trade agreement would provide support to prices.

As with any projections, there are uncertainties and unknowns that can change the outcome.

Additional details of the 2020 Cotton Economic Outlook are on the NCC’s website at http://www.cotton.org/econ/reports/annual-outlook.cfm.

Posted February 18, 2020

Source: National Cotton Council

 

With Automation Solutions, Saurer Takes Next Step Toward Automated Factories

Autoflow systems in ring spinning

KREFELD, Germany — February 17, 2020 — Textile companies are facing increasingly complex challenges: higher labor costs and employee turnover rates, not to mention the need to automate material flow, reduce lead times and boost productivity. Furthermore, companies increasingly require comprehensive automation solutions due to greater demands on yarn quality and ease of use as well as the trend towards large and heavy packages.

Saurer already has 30 years of experience in planning and installation of transport systems, especially between roving frames and ring-spinning machines. The company has successfully implemented over 100 systems worldwide.

The new product line Saurer Automation Solutions serves as customers’ expert engineering partner for integrated automation solutions across the entire textile value chain. It consists of specially designed automation elements that the project engineering team combines into tailored system solutions that are seamlessly integrated into customers’ processes. Thanks to these solutions, Saurer is meeting the growing demand for cost-effective automation of spinning and further processing in staple fibre spinning and twisting mills as well as in filament yarn processing.

Comprehensive data management with innovative quality functions has become indispensable along the entire textile value chain. With Senses, the digital mill management system from Saurer, customers can consolidate and analyse company-wide production, quality and performance data, even for machines from other manufacturers.

Saurer Automation Solutions offer tailor-made automation solutions in the following areas:

Staple fibre spinning and twisting: can transport using automated guided vehicles, transport systems for roving bobbins, palletizing systems, conditioning, packaging, transport systems for cross-wound packages from the winding/spinning machine to the yarn warehouse.

Filament twisting and cabling: transfer of feed packages with loading units on rail systems for BCF yarns and tire cord for block doffing. Removal of cross-wound twist packages using lifters/rail systems or an automated transport system to the next process step, such as automatic loading of thermosetting systems and weaving creels using robotic units.

Project engineering: consulting, project planning and implementation of custom solutions.

Posted February 18, 2020

Source: Saurer

 

Cotton Council International Elects 2020 Officers

Clarke

NEW ORLEANS, La. — February 14, 2020 — Richard L. “Ricky” Clarke, III, a merchant from Cordova, Tenn., will serve as president of Cotton Council International (CCI) for 2020. CCI is the National Cotton Council’s (NCC) export promotion arm and carries out programs in more than 50 countries globally under the COTTON USA™ trademark.

Clarke, who moves up from CCI first vice president, succeeds Hank Reichle, a cooperative official from Greenwood, Miss., who becomes CCI board chairman. Clarke, Reichle and other CCI officers were elected at CCI’s board meeting during the NCC’s 2020 Annual Meeting held February 14-16 in New Orleans, Louisiana.

“I look forward to leading CCI in its mission of making U.S. cotton ‘The Cotton The World Trusts’ for mills, manufacturers, brands, retailers and consumers worldwide,” Clarke said. “COTTON USA promotional events in 2020 will continue to educate this audience and stimulate U.S. cotton sales via networking opportunities throughout the global supply chain.”

Clarke is vice president/senior merchant for Cargill Cotton, Business Unit of Cargill, Inc. His current merchandising responsibilities include sales to several Asian markets.

Clarke, who was raised in Greenwood, Miss., graduated from Mississippi State University in 1980 and earned an MBA from Memphis State University in 1987. He started with Cargill’s Cotton Business Unit (Hohenberg Bros. Co.) in 1980 and has worked for Cargill Cotton in various merchandising capacities. Those include managing the Phoenix office, merchandising all of the major growth regions in the United States and working a stint with Cargill Cotton’s Liverpool office.

Clarke is active with the NCC and is an American Cotton Shippers Association director. He is married to Terri Clarke and has four children and two grandsons.

Other 2020 CCI officers elected include: first vice president, Ted Sheely, producer, Lemoore, Calif.; second vice president, Carlos C. Garcia, cooperative official, Lubbock, Texas; and treasurer, Steven Dyer, merchant, Cordova, Tennessee. In addition, Gary Adams, Cordova, was elected as secretary and Bruce Atherley, Washington, D.C., elected as assistant secretary.

Elected as 2020 CCI directors were: George G. LaCour, Jr., a ginner from Morganza, La.; John C. King, III, a merchant from Helena, Ark.; Neal Isbell, a producer from Muscle Shoals, Ala.; and John F. Lindamood, a producer from Tiptonville, Tennessee.

Re-elected as 2020 CCI directors were: PRODUCERS – J. Lee Cromley, Brooklet, Ga.; Richard Gaona, Roby, Texas; Craig A. Heinrich, Lubbock, Texas; Matthew R. (Matt) Hyneman, Jonesboro, Ark.; and Paul (Paco) Ollerton, Casa Grande, Ariz.; GINNERS – Curtis H. Stewart, Spade, Texas; MERCHANTS – Philip R. (Phil) Bogel, II, Dallas, Texas; Tim G. North, Dallas, Texas; Ernst D. (Ernie) Schroeder, Jr., Bakersfield, Calif.; and William Barksdale, Cordova, Tenn.; COOPERATIVES – Frederick Barrier, Greenwood, Miss.; Carlo Bocardo, Bakersfield, Calif.; Donald Robinson, Garner, N.C.; COTTONSEED – James C. Massey, Harlingen, Texas; WAREHOUSEMAN – Vance C. Shoaf, Milan, Tenn.; and MANUFACTURERS – Robin Perkins, Sanford, N.C.; and Davis Warlick, Charlotte, North Carolina.

Posted February 18, 2020

Source: Cotton Council International

Cotton Achievement Award Honors Earl Sears

MEMPHIS, Tenn. – The late Earl Sears, a former National Cotton Council executive vice president whose core belief was that “devotion to service is fundamental to success” received the 18th Oscar Johnston Lifetime Achievement Award. He was honored at the National Cotton Council’s 2020 annual meeting held February 14-16 in New Orleans, La.

The annual award, established in 1997, is named for Oscar Johnston, whose vision, genius and tireless efforts were foremost in the shaping and organization of the NCC. The award is presented to an individual, now deceased, who served the cotton industry, through the NCC, over a significant period of his or her active business career. The award also recognizes those who exerted a positive influence on the industry and who demonstrated character and integrity as well as perseverance and maturation during that service.

The award was presented by outgoing NCC Chairman Mike Tate to Sears’ widow, Gwen Sears; his son, David Sears; and his daughter, Kristi Goldsmith.

In two tenures with the NCC, Sears had more than 30 years of service to U.S. cotton’s central organization. After graduating from Texas Tech University in 1948, the Brownfield, Texas native spent three years as head of Vocational Agriculture at Lamesa’s high school before joining the NCC.

Sears began his NCC career in Lamesa operating as a field representative in the High Plains. He quickly moved up to southwest area supervisor and transferred to Memphis, then to Dallas, and was heavily involved in formation of the Cotton Producers Institute, out of which grew Cotton Incorporated.

In 1965, he joined Hesston Corp. as product manager for its cotton equipment and later was named marketing manager for the firm’s complete line of farm equipment. After rejoining the NCC in 1971, Sears was made administrative vice president four years later, and three years after that, was named executive vice president. For the next 11 years, Sears oversaw a six-fold growth in NCC-managed programs. He helped move the industry forward whether it was advocating for innovative federal farm legislation like the marketing loan concept to pushing for expansion of international markets.

Among other notable strides achieved under Sears’ helm were improved bale packaging; advancement of the National Boll Weevil Eradication Program; and growth of The Cotton Foundation’s research, education and communications programs.

Sears record was cited in 1989, when he became the third recipient of the Harry S. Baker Award, presented annually for distinguished service to the industry, and again in 1992 when he received the National Agri-Marketing Association’s National Award for Agricultural Excellence.

Tate noted that Sears’ 1989 retirement did not mean a loss of his talent to the industry as he played a lead role in coordinating a special fund-raising effort that led the Cotton Foundation to purchase an office building now occupied by the NCC’s Washington. D.C. staff.

“With the debt on the building retired, rent paid by the Council accrues to the Cotton Foundation for use in industry research and education efforts,” Tate said.

Previous Oscar Johnston Lifetime Achievement Award recipients were Robert Chapman and Walter Montgomery, Sr., both Spartanburg, S.C., textile manufacturers; Duke Kimbrell, a Gastonia, N.C., textile manufacturer; William Garrard, first general manager of Greenwood, Miss.-based Staplcotn Cooperative; Sykes Martin, a Courtland, Ala., producer; Charlie Owen, a Tucson, Ariz., ginner; William Rhea Blake, a former NCC executive vice president, Memphis, Tenn.; Roger Malkin, long-time chairman/CEO of Delta and Pine Land, Scott, Miss.; former NCC presidents, George C. Cortright, Jr., a Rolling Fork, Miss., producer; Jack Hamilton, a Lake Providence, La., producer/ginner/warehouseman; William “Bill” Lovelady, a Tornillo, Texas, producer; Lon Mann, a Marianna, Ark., ginner; Jack McDonald, a Decatur, Ill., cottonseed crusher; Jack Stone, a Stratford, Calif., producer; and Charles Youngker, a Buckeye, Ariz., producer; former NCC chairman James E. “Jim” Echols, a Memphis, Tenn., merchant; and W.L. “Billy” Carter, Jr., of Scotland Neck, N.C., who chaired the American Cotton Producers and served as NCC secretary-treasurer.

Posted February 18, 2020

Source: National Cotton Council

Cotton Service Award Honors Bill May

May

MEMPHIS, Tenn. — February 17, 2020 — Bill May, former president of the Memphis-based American Cotton Shippers Association (ACSA), received the 2019 Harry S. Baker Distinguished Service Award. He was honored during the National Cotton Council’s (NCC) 2020 annual meeting held in New Orleans, La., on February 14-16.

The award, named for the late California industry leader and past NCC President Harry S. Baker, is presented annually to a deserving individual who has provided extraordinary service, leadership and dedication to the U.S. cotton industry.

In presenting the award, outgoing NCC Chairman Mike Tate said that May worked closely with the NCC to create policy that would improve cotton flow with the goal of ensuring that ACSA members could continue to ship their cotton in a timely manner.

“Bill’s initiative on cotton flow and recent partnership with Council President Gary Adams yielded an industrywide compromise that created significant improvement to the rules that govern cotton flow,” Tate said.

A native of Cleveland, Miss., May graduated from the University of Southern Mississippi with a degree in journalism. Immediately after graduation in 1979, he went to work for the NCC as a Member Services representative in the Cotton Belt’s Mid-South region and later worked for the Southern Cotton Ginners Association. He joined ACSA in 1984 where he served as vice president of Special Projects and as executive vice president of both the Atlantic and Southern Cotton associations. After being named ACSA president in 2009, May led an effort the next year that resulted in ACSA becoming a NCC member.

Tate noted that May’s leadership also was instrumental in leading ACSA — in conjunction with the NCC — during the 18-month long Turkish Anti-Dumping case that was filed in 2015. ACSA quickly evaluated that situation and agreed that outside legal counsel familiar with international trade policy was needed to alleviate a situation that threatened to undermine U.S. cotton exports to one of its best customers.

Throughout his career at ACSA, May also took great pride in ensuring the success of the ACSA International Cotton Institute. That six-week residential program educates young leaders from around the globe regarding the value, quality and integrity of U.S. cotton.

Previous Harry S. Baker award honorees include cotton producers — Woody Anderson, Duke Barr, Bruce Brumfield, Lloyd Cline, Robert Coker, Jimmy Dodson, Bruce Heiden, Kenneth Hood, Bill Lovelady, Bob McLendon, Frank Mitchener, Jimmy Sanford, Jack Stone and Charlie Youngker; cotton ginners — Lon Mann and Charlie Owen; merchants — William B. Dunavant, Jr., and Bill Lawson; cooperative official — Woods Eastland; textile manufacturer — Duke Kimbrell; association executives — Gaylon Booker, Phil Burnett, Neal Gillen, Mark Lange, Albert Russell, Earl Sears, B.F. Smith; and John Maguire; Congressional members — Senators Thad Cochran (R-Miss.) and Saxby Chambliss (R-Ga.); Representatives Larry Combest and Charles Stenholm; and USDA official — Charlie Cunningham.

Posted February 18, 2020

Source: National Cotton Council

Culp Announces Revised Expectations, Anticipated Non-Cash Intangible Asset Impairment Charges, for Third Quarter Fiscal 2020

HIGH POINT, N.C. — February 18, 2020 —  Culp Inc. today announced that, based on unaudited preliminary results and current estimates, the company expects pre-tax loss (GAAP) to be in the range of $5.4 million to $5.1 million for the third quarter of fiscal 2020. This includes a reversal of a $6.1 million recorded contingent earnout liability, as well as non-cash impairment charges of approximately $13.6 million relating to the home accessories division (discussed below), resulting in a non-cash net charge of approximately $7.6 million. Excluding the gain from the contingent earnout liability reversal and estimated impairment charges, adjusted pre-tax income (non-GAAP) is expected to be in the range of $2.2 million to $2.5 million (See reconciliation table at end of release).

These projected results are lower than the company’s previously announced expectation of $3.2 million to $3.8 million in pre-tax income for the third quarter, which excluded any restructuring and related charges or credits, contingent earnout liability reversals, and impairment charges. Sales and profitability for the third quarter of fiscal 2020 are lower than the company’s previously announced outlook, with overall sales and all three business segments’ sales now expected to be down moderately as compared with the third quarter of last year. Profitability is now expected to be moderately down for the upholstery fabrics segment and significantly down for the mattress fabrics segment as compared with the third quarter of last year.

The home accessories segment, which sells bedding accessories and home goods directly to consumers and businesses, is expected to meet the company’s previously announced outlook for an improvement in operating loss for the third quarter. This progression reflects continued sequential improvement compared to the first and second quarters of fiscal 2020. However, in connection with the company’s quarterly assessment of the fair value of its acquisition-related contingent earnout consideration arrangement and the future outlook for this segment, management determined it was necessary to adjust the forecasted EBITDA performance relating to this recorded liability. This determination was based on slower than expected business improvement and updated assumptions on economic conditions in the e-commerce space, combined with the upcoming timeframe for determining the contingent earnout payment obligation. The adjustment resulted in a reversal of the full $6.1 million recorded contingent earnout liability.

Additionally, in accordance with Accounting Standards Codification (ASC) Topic 350, the company is required to assess its goodwill and other indefinite-lived intangible assets for impairment at the end of each fiscal year or between annual tests if events or changes in circumstances indicate the carrying value of the asset may not be recovered. As a result of the slower pace of growth for the home accessories segment and changes in future growth assumptions for this business based on current economic conditions in the e-commerce space, management determined that impairment indicators existed. Accordingly, this determination required an interim assessment of the goodwill and other intangible assets for the home accessories segment. Based on the initial assessment conducted, the company expects to record non-cash impairment charges of approximately $13.6 million. The company is in the process of finalizing the impairment analysis and expects it to be completed in time for its third quarter earnings release. These impairment charges are adjustments that do not affect the company’s cash position, cash flow from operating activities, or debt covenants.

Commenting on the announcement, Iv Culp, CEO of Culp Inc., said: “The revised expectations for the third quarter of fiscal 2020 are due to lower than expected sales. For our upholstery fabrics segment, shipments slowed more than anticipated heading into the Chinese New Year shutdown period. Additionally, our mattress fabrics business, and specifically CLASS, was pressured more than expected by the holiday shutdowns in Haiti and China. Mattress covers have become an increasingly important part of the mattress fabrics business, and losing multiple productive weeks caused a greater than expected impact when combined with continued industry weakness in our legacy business. These factors, along with lower than anticipated domestic benefit thus far from the anti-dumping measures associated with mattress imports from China, affected our results for the third quarter.”

The company is also updating its outlook for the fourth quarter of fiscal 2020, with current expectations for overall sales and profitability for the quarter to be slightly better than the results achieved in the fourth quarter of fiscal 2019. This projected outlook for the fourth quarter is adjusted from the previously announced outlook for overall performance to be significantly better than the prior year period. The company now projects mattress fabrics sales for the fourth quarter of fiscal 2020 to be slightly lower than the prior-year period. However, expectations are still for all three business segments to have improved profitability in the fourth quarter of fiscal 2020 as compared to the fourth quarter of fiscal 2019, assuming the coronavirus outbreak in China does not have a greater than anticipated impact on the operations of the company, its suppliers, and the global economy. The updated expectations reflect an uncertain business environment associated with ongoing trade and health issues primarily related to Asia, which may affect each of the company’s divisions to varying levels. The potential impact of the coronavirus is difficult to estimate reasonably at this point given the fluidity in circumstances related to the disease and the actions being taken to contain its spread.

“Although we are disappointed with the third quarter financial results and revised expectations for the fourth quarter, the company remains well-positioned for the long term with our creative designs, innovative products, efficient global platform, and diversified sales channels, both domestically and in Asia,” said Culp. “Additionally, while the updated forecast prompting the partial impairment for our home accessories segment is less favorable than originally projected, we still expect continued improvement for this business and remain encouraged about the opportunity to leverage this sales channel and reach new customers for Culp. Our financial position remains strong, with approximately $35.0 million of cash and investments and outstanding borrowings totaling $925,000 as of the third quarter of fiscal 2020, for a net cash position of approximately $34.1 million. We also repurchased 55,750 shares of Culp common stock during the third quarter, leaving approximately $4.3 million remaining under our share repurchase program approved by the Board in September 2019. We will continue seeking opportunities to repurchase shares when the price reflects a discount to our calculated intrinsic value per share. We remain optimistic about opportunities for our businesses as we respond to changing demand trends for our diverse customer base. We have the financial strength to support and execute our strategies and are confident in our position as market conditions evolve,” added Culp.

The company expects to report its complete financial and operating results for the third quarter and fiscal 2020 in early March.

 

Reconciliation of Projected Pre-Tax Loss (GAAP) to

Projected Adjusted Pre-Tax Income (non-GAAP)

For Three Months Ended February 2, 2020

(Unaudited)

(in thousands, rounded)

February 2, 2020

Range of Projected Pre-Tax Loss (GAAP)

$(5,400) – $(5,100)

Gain on reversal of contingent consideration – earnout obligation

6,100

Goodwill impairment (home accessories segment) (1)

(11,200)

Other intangible asset (trademark & tradename) impairment (home accessories segment) (1)

(2,400)

Range of Projected Adjusted Pre-Tax Income (non-GAAP)

$2,200 – $2,500

(1)

 Based on initial impairment assessment for the home accessories segment. The company is in the process of finalizing the impairment analysis and expects it to be completed in time for the company’s third quarter earnings release.

 

Posted February 18, 2020

Source: Culp

Asahi Kasei Advance Champions Sustainability At ISPO 2020 with ECOSENSOR™

TOKYO — February 18, 2020 — At ISPO, AKA – Asahi Kasei Advance keeps the planet fit and healthy at the same time. The cutting edge department of global material innovator Asahi Kasei, unveils ECOSENSOR™, the cutting-edge fabric collection boosting responsible innovation with a “New Eco High-tech Force of Nature” new generation of performance.

Harnessing AKA expertise in yarning a smarter future, the new range focuses on sportwear, urban and athleisure fabrics. “At ISPO we launch the energetic protein fitting perfectly in textiles for clothes with an active imprint, comfort touch and smooth style. From-yarn-to-dyeing and along the whole supply chain, the collection is 100 percent traceable,” said Nishizawa Akira, president & representative director, Asahi Kasei Advance corporation.

Such goals were scored thanks to the renown expertise of Research & Development and energized by constantly and strictly controlled processes that aim to save energy, water and Green House gases emissions. The result is a high-performative collection combining maximum comfort with durability and stretch-ability.

With ECOSENSOR, Asahi Kasei Advance truly innovates at ISPO as the very first producers choosing the high-performance path with sustainable values. “Like a truly complete athlete, ECOSENSOR wins both during the sprint and all along its performance. It’s outstanding light & stretch features match durability.”

Indeed, the flexible and multitasking range is the high-tech solution for sportwear, outerwear and beyond. The collection embraces the casual and sporty mood of active urban surfers as well as that easy-to-wear attitude for a relaxing free-time at home.

Excellent stretch and high-performative features match the adventurous temperament of extreme explorers, while durability and resistance are the key features to weave fabrics for outdoor activities.

The target of ECOSENSOR by Asahi Kasei is to push at maximum the choice towards bluesign® approved and Standard 100 by OEKO-TEX® certified ingredients and production processes, and GRS (Global Recycled Standard) for recycled ingredients, showing the path to sustainability.

Working with the best like-minded apparel partners, AKA has achieved unsurpassed active climate control materials. The unique high-tech and low-impact functionality has been designed to make a real, sustainable difference a better future.

ISPO – January 26th -29th, Munich, Germany: Booth B4.430 BN05

Posted February 18, 2020

Source: Asahi Kasei

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