Callaway Golf Completes Acquisition Of Jack Wolfskin For 418 Million Euros

CARLSBAD, Calif.— January 4, 2019 — Callaway Golf Co. announced today that it has completed the previously announced acquisition of Jack Wolfskin for 418 million euros, or approximately $476 million assuming a 1.140 euro to U.S. Dollar conversion rate, subject to a working capital adjustment.

Jack Wolfskin is an international, premium outdoor apparel, footwear and equipment brand. The company designs premium products targeted at the active outdoor and urban outdoor customer categories. The acquisition furthers Callaway’s push into the active lifestyle category after its successful 2017 acquisitions of TravisMathew and Ogio. Post-acquisition, Jack Wolfskin will continue to operate out of its Idstein, Germany, headquarters.

“We are very excited to have completed this acquisition and have the Jack Wolfskin brand as part of the Callaway portfolio,” commented Chip Brewer, president and CEO of Callaway. “We believe Jack Wolfskin fits extremely well with our current brands and furthers our stated plan of strategic investments in complementary areas. Jack Wolfskin provides an innovative product offering with long-term synergies to the existing soft goods portfolio.  We look forward to partnering with the Jack Wolfskin management team to maximize this brand’s growth potential.”

“We are thrilled to be joining Callaway’s growing portfolio of premium, active lifestyle brands,” said Jack Wolfskin’s CEO Melody Harris-Jensbach. “The Callaway team has proven over many years that they are great innovators and brand builders. We are excited to have them invest in our brand and are eager to start working with them.”

Callaway financed the transaction with a $480 million Term Loan B facility, which was led by BofA Merrill Lynch and JP Morgan Securities LLC. The facility has a seven-year term, subject to certain prepayment rights, and bears interest at a rate of LIBOR plus 4.50%. The Term Loan B market weakened during the period the Company marketed the loan to investors and therefore the estimated annual financing costs will be approximately $0.05 per share higher than previously estimated. As a result, Callaway currently estimates that this transaction is expected to be approximately $0.11 per share dilutive for full year 2019 and slightly accretive in 2020, both on a non-GAAP basis, which excludes non-recurring transaction costs and non-cash purchase accounting adjustments. The Company intends to provide further guidance on a GAAP basis once it has completed its purchase accounting adjustments. Full year 2019 adjusted EBITDA, which excludes transaction costs and non-cash purchase accounting adjustments, is still estimated to be approximately $33 million for the Jack Wolfskin business. The Company remains excited about adding this premium brand to its portfolio and the strategic benefits and long-term potential this acquisition provides.

Latham & Watkins LLP acted as legal counsel to Callaway for the acquisition and Gibson Dunn & Crutcher acted as legal counsel to Callaway for the Term Loan B facility. JP Morgan Securities LLC acted as exclusive financial advisor to Callaway for the acquisition. Kirkland & Ellis International LLP acted as legal counsel and Houlihan Lokey as exclusive financial advisor to Outdoor Holdings SCA – the holding company of Jack Wolfskin. THM Partners acted as director of and advisor to the Jack Wolfskin Group.

Posted January 4, 2019

Source: Callaway Golf Company

LG Styler Heralds Future Of Total Clothing Care

ENGLEWOOD CLIFFS, N.J. — January 3, 2019 — LG Electronics (LG) is showcasing its vision for total clothing care with the revolutionary Styler system at CES® 2019 as part of the “LG Ultimate Laundry Room” featuring advanced clothes washers and dryers. Headlining the portfolio of laundry offerings will be the new LG Styler Black Tinted Mirror Glass Door, a CES 2019 Innovation Award winner. LG will also demonstrate captivating large capacity concept models for the future complete with smart features and a Smart Mirror with AI service for an entirely new virtual fashion experience.

Launching in the U.S. this year, the premium LG Styler with Black Tinted Mirror Glass Door brings functionality and elegance to the home with a refined, modern design and the ability to keep clothes hygienically clean and looking their very best. The new tinted black-glass door exudes sophistication while the unit effortlessly and conveniently refreshing up to four garments – including a pair of pants in the door – simultaneously. The inclusion of Smart Diagnosis™ and SmartThinQ™ offers users the benefit of fast, accurate support and the ability to tap into the Google Assistant with only one’s voice.

At the core of Styler is LG TrueSteam™ technology, which eliminates over 99.9 percent of the germs and bacteria found in clothing and is certified as asthma and allergy friendly® by the Asthma and Allergy Foundation of America (AAFA). Clothes placed on the moving hangers shake out wrinkles and unpleasant odors while the Gentle Dry cycle removes moisture quickly and thoroughly. Heat Pump Drying reduces energy consumption by recycling heat from the hot, moist air inside Styler, and Pants Crease Care creates a crisp crease-line without an iron.

Visitors to CES 2019 will be able to experience the new Styler as part of the “LG Ultimate Laundry Room,” which also includes LG washers and dryers, among the most awarded in the industry for their superiority in performance, reliability and customer satisfaction.

Designed for bigger families, the large capacity Styler model will also be on display. This concept model is an expanded version of the Styler Black Tinted Mirror Glass Door that can accommodate five garments on moving hangers (including full-length coats) as well as a pair of pants in the door. In addition to the Styler of tomorrow, LG is giving the public a look at the bedroom of the future with its Smart Mirror with AI virtual tailored service. This LG ThinQ mirror can deliver a customized experience with intelligent fashion suggestions and virtual fittings, enabling customers to purchase clothes without having to try them on in a store.

“With a sleek design and highly effective performance, the elegant black LG Styler takes in-home clothing care to the next level,” said Song Dae-hyun, president of LG Electronics Home Appliance & Air Solution Company. “We are enthusiastic about expanding Styler’s capabilities and appeal to new customers who are unaware that there is more to wardrobe management than washing with water and dry cleaning.”

Visitors to CES from January 8-11 are encouraged to stop by booth #11100 in the Las Vegas Convention Center to experience the full breadth of LG’s clothing care solutions.

Posted January 4, 2019

Source: LG Electronics USA

AMREX Properties Named Receiver To Sell SGRTEX Textile Mill in Eden, N.C

EDEN, N.C. — January 4, 2019 — AMREX Properties and Receivers of Greensboro, N.C., has been named the Court Appointed Receiver to liquidate and sell all assets of the 181,000-square-foot SGRTEX Textile Mill in Eden, N.C.

AMREX seeks a purchaser to reopen operations at the plant, which was renovated in 2014 and supplied with state-of-the-art machines to spin OE cotton yards. AMREX is maintaining the facility on 21.6 acres at 335 Summit Road so that it is ready for full production.

Located in an area with low energy costs, a plentiful cotton supply, a skilled work force and a business-friendly atmosphere, the facility is ideal for textile production.

The City of Eden and Rockingham County leaders are aggressively supporting industries with grants and incentives for job creation and new taxable capital improvements.

“Rockingham County is ready to be as proactive as we possibly can in order to help attract a new user to this facility,” Rockingham County Manager Lance Metzler said. “Ideally, we would like to see it remain a textile operation so that our community retains the state-of-the-art equipment. However, our Board of Commissioners would be willing to consider any project that would breathe new life into this building and create jobs.”

Posted January 4, 2019

Source: AMREX

Mimaki Announces Tessa Koops As Fashion Designer For Heimtextil 2019

AMSTERDAM — January 4, 2019 — Mimaki Europe, a leading manufacturer of inkjet printers and cutting systems, today announces its partnership with Dutch retail fashion designer, Tessa Koops, for Heimtextil 2019 (8-11 January 2019, Frankfurt, Germany – Stand J81, Hall 3.0). Completing its line-up of designer collaborations for the show, clothing specifically designed for Mimaki by Koops, will be used to demonstrate the power of art in fashion and the huge impact digital print can have on creativity and personalization within the fashion design and manufacturing process.

Koops joins a prestigious group of inspirational world-leading designers brought together by Mimaki for Heimtextil 2019. Under the theme of ‘The Fusion of Innovation and Design’ and celebrating digital print within all elements of art, interior design and fashion, Mimaki commissioned work from designers including Sigrid Calon and Claire Vos (Studio Roderick Vos), will also be showcased throughout the Mimaki booth.

Tessa Koops is a fashion designer of women’s clothing, specializing in dresses with floral/patterned prints. In addition to dressing different celebrities, her clothing is sold in more than 50 retail outlets across the Netherlands.

“Ordinarily, I work a lot with purchased prints for my clothing. However, this collaboration with Mimaki has enabled me to go beyond the typical design limitations of fashion and better understand how digital print can increase creativity, personalisation and diversification across a range of pieces. As you will see on the booth, one of my own paintings is used in a variety of ways including as a print for dresses,” comments Tessa Koops.

“I am very impressed and inspired by the possibilities that Mimaki printers offer the fashion industry. As a designer, you normally don’t get to experience such cutting-edge technology first hand, so this has been quite enlightening. In fact, exposure to the potential of digital print has enabled me to think in broader terms than just fashion design,” concludes Koops.

With printed applications on a diverse range of textiles, fabrics and interior materials, visitors to the Mimaki booth at Heimtextil 2019 will learn how they too can use advanced print technology to drive design innovation and profitability. Additional Mimaki designers include Anousjka Röben displaying shoes and creative studio Deux d’Amsterdam showing a unique kimono designed specifically for Mimaki – all designs were digitally printed by Textiles & More (T&M).

The Mimaki stand will showcase a printer for almost every type of textile application, with other digitally printed textiles applied to design classics in the ‘Pode’ range from Leolux, and feature walls utilizing photography from Arjan Benning also being displayed.

Posted January 4, 2019

Source: Mimaki

HCSC – Linen Services Of Baltimore Earns Hygienically Clean Healthcare Certification

ALEXANDRIA, Va.— January 4, 2019 — Healthcare laundry and linen provider Hospital Central Services (HCSC) has earned the Hygienically Clean Healthcare certification for its Baltimore plant, reflecting its commitment to best management practices (BMPs) in laundering as verified by on-site inspection and its capability to produce hygienically clean textiles as quantified by ongoing microbial testing.

The Hygienically Clean Healthcare certification confirms the organization’s continuing dedication to infection prevention, compliance with recognized industry standards and processing healthcare textiles using BMPs as described in its quality assurance documentation, a focal point for Hygienically Clean inspectors’ evaluation. The independent, third-party inspection must also confirm essential evidence that:

  • Employees are properly trained and protected;
  • Managers understand regulatory requirements;
  • OSHA-compliant; and
  • Physical plant operates effectively.

To achieve certification initially, laundries pass three rounds of outcome-based microbial testing, indicating that their processes are producing Hygienically Clean Healthcare textiles and diminished presence of yeast, mold and harmful bacteria. They also must pass a facility inspection. To maintain their certification, they must pass quarterly testing to ensure that as laundry conditions change, such as water quality, textile fabric composition and wash chemistry, laundered product quality is consistently maintained. Re-inspection occurs every two to three years.

This process eliminates subjectivity by focusing on outcomes and results that verify textiles cleaned in these facilities meet appropriate hygienically clean standards and BMPs for hospitals, surgery centers, medical offices, nursing homes and other medical facilities.

Hygienically Clean Healthcare certification acknowledges laundries’ effectiveness in protecting healthcare operations by verifying quality control procedures in linen, uniform and facility services operations related to the handling of textiles containing blood and other potentially infectious materials.

Certified laundries use processes, chemicals and BMPs acknowledged by the federal Centers for Disease Control and Prevention (CDC), Centers for Medicare and Medicaid Services, Association for the Advancement of Medical Instrumentation, American National Standards Institute and others. Introduced in 2012, Hygienically Clean Healthcare brought to North America the international cleanliness standards for healthcare linens and garments used worldwide by the Certification Association for Professional Textile Services and the European Committee for Standardization.

Objective experts in epidemiology, infection control, nursing and other healthcare professions work with Hygienically Clean launderers to ensure the certification continues to enforce the highest standards for producing clean healthcare textiles.

HSCS has provided healthcare laundry and linen services Efor more than 40 years. “Congratulations to HCSC on their certification,” said Joseph Ricci, TRSA president and CEO. “This achievement proves their commitment to infection prevention and that their laundry takes every step possible to prevent human illness.”

Posted January 4, 2019

Source: TRSA

Sensient Inks Announces New Turkish Distrubtion Partner

MORGES, Switzerland — December, 2018 — Sensient Imaging Technologies, a developer and manufacturer of digital inks, is delighted to announce that it has entered into a distribution agreement with Spot Uluslararasi Tekstil for the Turkish market. Founded in 1991 and based in Istanbul, Spot Uluslararasi Tekstil will help promote Sensient’s range of high quality digital textile inks throughout Turkey.

“Spot Uluslararasi Tekstil is an experienced partner with a strong reputation for quality and service that matches the values of Sensient and the professional service and commitment we expect for our clients,” noted Jerome Jeanneret, managing director of Sensient Inks Europe. “We believe that this appointment will make Sensient a leading provider of digital textile inks for the Turkish markets and allow existing and new customers to truly experience the quality of Sensient.”

In addition to its agreement with Spot Uluslararasi Tekstil, Sensient will maintain its direct supply of products to strategic partners and has appointed a Turkish sales manager to ensure the very best communication and service to all of its customers.

“We recognize the importance of the Turkish market as a center of excellence in textile printing with strong growth potential,” observes Mike Geraghty, president of Sensient Colors. “By adding local management and a quality-focused distributor to launch our new ranges of innovative inks, we are demonstrating Sensient’s commitment to the success of our customers in Turkey.”

Posted January 4, 2019

Source: Sensient Imaging Technologies

Crypton Expands To Europe: U.S. Performance Fabric Provider To Debut At Heimtextil

BLOOMFIELD HILLS, Mich. — January 2, 2019— Crypton®, a provider of performance fabric technologies in the contract design and residential home furnishings markets, has announced that it is entering the European market. Crypton Europe will launch at the Heimtextil trade show in Frankfurt January 8-14, 2019, in Hall 4, Floor 2, Stand D74.

“We see expansion into Europe as a natural fit. One with tremendous potential as we embark on bringing Crypton to important emerging global markets,” said Lance Keziah, CEO of Crypton. “We have long been evaluating Europe as a growth platform and have spent considerable R&D efforts to provide best in class performance that meets the stringent European test requirements. We’re excited to enter the market and look forward to Heimtextil-Frankfurt.”

Crypton fabrics, for both the residential and contract markets, will be made in Europe and warehoused in Belgium. They will be affiliating with carefully selected fabric production facilities and brands for distribution of Crypton performance textiles throughout Europe.

Crypton introduces the European design community to an entirely new category that offers broad new possibilities. One of beautifully designed performance fabrics that resist spills, stains, and odors permanently while being people- and planet-friendly. And unlike anything else in Europe, Crypton fabrics are engineered with an integrated barrier that prevents liquid stains from penetrating to the cushion, resists flame spread, and maintains fabric flexibility. In addition, Crypton offers:

  • 25 years of trusted performance in the US;
  • Greenguard Gold certified to the most stringent indoor air quality standards; and
  • Extends the life of furniture by 5-7 years longer than traditional fabrics, offering a tremendous reduction in greenhouse gas emissions and fossil fuel consumption.

The expansion into Europe is spearheaded by Hardy Sullivan, executive vice president, who is overseeing this initiative and all of Crypton’s international operations. Sullivan is supported by Guy Parmentier, vice president of International Sales for Crypton. “There is great opportunity for our performance fabrics in Europe.,” says Sullivan.  “There’s nothing quite like Crypton, and it satisfies the growing demand in certain sectors; specifically, hospitality and healthcare, for a high performing textile that meets key Fire Rating (FR) standards for European upholstery.”

“We look forward to connecting with prospective European distributors, mills, and jobbers, as well as dialoguing with designers and specifiers,” said Parmentier. “To introducing them to freedom to use warm, inviting fabrics in areas where formerly their only options were to use a vinyl or very stiff fabric. Given how soft, textural and on-trend our textiles are, designers are astonished when they see Crypton’s amazing performance demonstrations and discover its strength and durability.”

Thanks to its many patented technologies and first-to-market innovations, the 25-year-old company is the most specified brand of indoor performance fabric for the hospitality, institutional and healthcare markets in the United States for over two decades. Crypton has demonstrated success across other categories as well, with millions of yards of its spill, stain and odor resistant fabrics installed in residential, transportation, retail and workplace designs throughout the United States as well as in homes, hotels, resorts, spas, restaurants, hospitals and elder care facilities. Crypton will be distributed primarily through contract and residential distributors serving the healthcare, hospitality, commercial and residential marketplaces.

Posted January 3, 2019

Source: The Crypton Companies

2019 Marks Desales Trading Company’s 50th Year — Notes Robust Market For Yarns

BURLINGTON, N.C. — January 3, 2019— The demand for yarns, fibers and other related products used in the textile business is robust. Threats of anti-dumping duties on textured polyester yarns imported from China and India are helping fuel demands for Central American Free Trade Agreement (CAFTA) & North American Free Trade Agreement (NAFTA) compliant yarns. This year’s increased levy by the United States on imported yarns from China has added fuel the demands for domestic yarns and fabrics.

A small and unique establishment, DeSales Trading Co., based in a Southern town synonomus with textiles — Burlington, North Carolina — has done quite well over its 50 years in business.  The owners are really glad to see the uptick in demands for their products and for the industry as a whole.  Joe Murray, CEO of DeSales Trading Co., said: “This bull market for the textile business is very welcome.  The textile industry since 2005 has really been on a rollercoaster ride — many peaks and valleys.”

The satisfying element for DeSales Trading Co. are the suppliers, customers, factors understand the role the company plays in the textile market. Its banker for 18 years, Dale Page, said: “It has been and continues to be a pleasure working with such a fine group of people as the Murray brothers. The company has adapted, evolved and thrived through various economic cycles, always with a focus on providing needed products and services to their customers and suppliers.”

“The big change at DeSales Trading Company is change itself,” said Mark Murray, one of three brothers who own and manage DeSales Trading Co. “If you are not willing to change you are just going to reach the same results year after year.”  For DeSales Trading Co. the brothers have ventured into new product categories they may have stayed away in years past.  The company’s niche is the buying and selling of obsolete/2nd quality yarns from the largest chemical and yarn producers in the textile market.

In addition, the brothers buy obsolete/unwanted yarns from the largest of textile end-users and then re-sell the yarns to smaller firms who can take advantage of the products.  The youngest, brother, Michael Murray, said: “We are kind-of like a used car dealer but we do it with yarns.  Our business model is very similar to the A&E’s reality show, Pawn Stars.  Folks bring to us their products and they want us to place a value on the offering in hopes we can reach an agreement to purchase. Then we must calculate the potential to be to sell the product very quickly. Or will we be sitting on the product for months?”

This year marks the 50th year for DeSales Trading Co. The company was started by the Murray brothers’ father, William T. ‘Bud’ Murray, in Atlanta, Georgia. The name of the company, DeSales Trading Co., comes from the Roman Catholic saint, St. Francis de Sales, the patron saint of patience. Bud Murray knew he would need plenty of patience to get his endeavor off the ground back in 1969 since he still had seven of his nine children still under his roof.

DeSales Trading’s efforts to remain nimble and quick to act has brought the company opportunities to step into new product segments like synthetic bicomponent fibers used in the nonwoven segment of the textile industry, elastomeric yarns (spandex & natural latex rubber thread) and some acrylic polymers. The purchases of products by the Murray brothers reaches far and wide from Northern Ireland, Brazil, China, Malaysia and Thailand, for example. Not all, but most products are brought into its facility in Burlington where they then distribute the products worldwide. The products end-up in socks, pantyhose, fabrics for T-Shirts, and braided and twisted cords, for example.

Posted January 3, 2019

Source: DeSales Trading Co.

Kraig Biocraft Laboratories Completes Final Facilities Review For First Batch Of Recombinant Spider Silk Production In Vietnam

ANN ARBOR, Mich. — January 3, 2019— Kraig Biocraft Laboratories Inc., a developer of spider silk-based fibers, announces today that key members of its management and production team have laid the groundwork for the company’s Vietnamese spider silk production initiative.

Working through an MOU, announced in November, the company is collaborating with the Institute of Biotechnology – Vietnam Academy of Science and Technology (“IBT”) and Vietnam Sericulture Research Centre (“VSRC”) to rear and test the first ever recombinant spider silk silkworms in Vietnam. The Kraig Labs team, in partnership with its subsidiary, Prodigy Textiles Co. Ltd., held a series of meetings with senior members of the IBT and the VSRC to outline the project requirements and to review the facilities selected to raise the first batch of transgenic silkworms.

The Kraig Labs team visited the IBT headquarters and brand new satellite location, where the team members reviewed IBT’s laboratory capabilities and discussed possible future collaborative research efforts.

The team also spent time at the VSRC headquarters reviewing their rearing processes, discussing the details of the Company’s transgenic silkworms, and outlining requirements for hatching the company’s silkworms.

The company’s technology is designed to work hand-in-glove with existing silk production infrastructure, of which and is why the company focused its efforts in Vietnam because of the existing infrastructure and history of silk manufacturing, which would theoretically allow for very rapid expansion of production. With everything in place, Kraig Labs’ team believes that the company is on the verge of a major breakthrough in the commercialization of spider silk.

“The silk experts of the VSRC, working in partnership with members of our Prodigy Textiles team, will give our expansion in Vietnam a strong foundation,” said COO Jon Rice. “That expertise, combined with IBT’s facilities and capabilities, should pave the way to success, for this first-of-its-kind effort, and translate into a smooth production scale up.”

Posted January 3, 2019

Source: Kraig Biocraft Laboratories

Foot Locker Announces Strategic Investment In Super Heroic

NEW YORK CITY — January 3, 2019— Foot Locker Inc., the New York-based specialty athletic retailer, announced today that it has made a strategic investment in Super Heroic Inc. The company is taking a minority stake in the innovative, high-performance, tactical play and entertainment company whose mission is to inspire children to be more active through play. The $3 million Series Seed II investment brings the total raised by Super Heroic to $10 million since it was founded in 2016.

Headquartered in Oakland, Calif., and co-founded by Jason Mayden and Harshal Sisodia, Super Heroic is a lifestyle brand that designs, manufactures and markets innovative footwear, clothing and accessories. Combining cutting-edge technical functionality and high-performance designed products specifically created for children, Super Heroic has achieved a significant foothold in the growing youth footwear category since its inception. As part of Foot Locker’s strategic investment, Kids Foot Locker will be the first brick-and-mortar retailer of Super Heroic products in the U.S.

“We are excited to partner with Super Heroic, a company that shares our deep commitment to empowering children through innovative athletic products,” stated Richard Johnson, Foot Locker’s chairman and CEO. “With its robust talent and cutting-edge innovation, we look forward to working with Jason and the entire Super Heroic team to offer an exciting, fresh product to our customers, while realizing additional growth opportunities for the future. Giving kids the tools to be active is in our DNA. Having our two companies come together to empower kids to play has the potential to be game changing.”

“We are excited to partner with Foot Locker and benefit from its unparalleled expertise in the footwear and apparel markets as we seek to elevate our brand to the next level,” said Mayden, Super Heroic’s CEO. “This partnership marks an important milestone for Super Heroic and validates the significant progress we have made since our founding just over two years ago. We look forward to working together to expand Super Heroic’s reach as we continue creating best-in-class product and experiences to inspire children around the world.”

Foot Locker Inc. will serve as a board advisor to Super Heroic, partnering with the company on various growth initiatives from product to content.

Posted January 3, 2019

Source: Foot Locker

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