Indorama Ventures To Acquire Avgol Industries

BANGKOK, Thailand — May 13, 2018 — Indorama Ventures Public Co. Ltd. (IVL), a global chemical producer, announced that it has entered into a definitive agreement to acquire a 65.72-percent stake in Avgol Industries 1953 Ltd., an Israel-listed global manufacturer for a sum of $1.62 per share. Avgol has six production sites globally in Israel, the United States, Russia, China and India, with a combined production capacity of 203,000 tonnes/annum, and employing 900 employees worldwide.

The transaction is expected to be completed during the second half of 2018, subject to regulatory approvals.

Avgol is the 3rd largest manufacturer of nonwovens for hygiene applications in the world, and holds a global market share of 10%. Avgol’s high-performance nonwoven fabrics are used by leading manufacturers of baby diapers, feminine hygiene products and adult incontinence products. Avgol also offers advanced solutions leveraging its proprietary technology such as AVSPUN and AVSOFT hydro-entangled spun laid fabrics, which address consumer requirements, including that of thinner, more discrete, softness, and higher performance products.

This acquisition represents a unique opportunity for Indorama Ventures to strengthen its leadership position in the high-growth personal hygiene oriented nonwovens market. Avgol offers IVL further diversification of its High value-added (HVA) portfolio. The acquisition will allow both companies to provide customers with a comprehensive range of products. Indorama Ventures will also be well-positioned to generate future growth in adjacent segments through its strong innovation pipeline, enabling the Company to continue to provide compelling value and service to its customers worldwide.

The hygiene industry is the largest consumer of disposal nonwovens. The global hygiene market is projected to grow at a rate of 6-7% annually. Demand for nonwoven hygiene products continues to be favourable, driven by the growth in  developing markets and the increase in GDP per capita, especially in South America, Africa and Asia (such as China and India), and ongoing demographic shifts. The increase in usage of adult incontinence products, which incrementally use 6 times the number of fibers, is further accelerating the overall growth in the industry.

Commenting on the acquisition, Aloke Lohia, Group CEO of Indorama Ventures, said: “We are excited by the unique opportunity to bring Avgol into the Indorama Ventures family as it is a major step into expanding our HVA portfolio. With this acquisition, we are adding a company that has a distinctive position within a compelling segment and with strong growth prospects. Avgol has already made some significant investments to grow the business by expanding its production capacity and geographical footprint and we hope to capture the benefits and help the company reach further heights. Avgol’s established client base, complementary capabilities and substantial presence in high-growth markets, together with Indorama Ventures’ global presence, will provide a strong opportunity for creating additional value to best serve all our customers.”

The transaction was engineered by Rothschild & Co who acted as sole financial adviser to Indorama Ventures. Legal advice was provided by HFN in Israel and KPMG provided financial due diligence support.

Posted May 14, 2018

Source: Indorama

Tim Baxter Named CEO Of Delta Galil Premium Brands

TEL AVIV, Israel — May 14, 2018 — Delta Galil Industries Ltd. — a global manufacturer and marketer of branded and private label apparel products for men, women and children, as well as leisurewear, activewear and denim — today announced that it has named Tim Baxter as CEO of Delta Galil Premium Brands, responsible for 7 For All Mankind® and Splendid®. Baxter is a highly accomplished retail and fashion-merchandising executive, and the former Chief Merchandising Officer of Macy’s Inc.

“We are very pleased to welcome such a strong and strategic industry leader as Tim to oversee Delta Galil Premium Brands, where we see tremendous opportunity to grow through category expansion and new global markets,” said Isaac Dabah, CEO of Delta Galil. “Tim’s highly profitable strategic partnerships at Macy’s with many of the world’s most renowned brands such as Tommy Hilfiger and Calvin Klein, licensed deals with The Finish Line and Sunglass Hut, and launching Macy’s first activewear private brand Ideology, will be extremely valuable in taking 7 For All Mankind and Splendid into their next phase of growth.”

With more than 26 years of expertise from Macy’s, Baxter served in a wide range of merchandising categories, including executive vice president and general merchandising manager of ready-to-wear. During his tenure, he led Macy’s fashion office, multicultural business development and licensed business. Baxter ultimately became chief merchandising officer, with responsibility for all categories at Macy’s, Macys.com, Macy’s Backstage off price concept, and Bluemercury. He is currently a member of the Jay H. Baker Retailing Center at the Wharton School of the University of Pennsylvania Advisory Board, and a member of the Ronald McDonald House of New York Board of Directors. Mr. Baxter holds a Bachelor’s Degree from Miami University in Ohio.

“7 For All Mankind and Splendid are two powerful brands, with strong and loyal consumers,” Baxter said. “I look forward to building on this loyalty, as we look for new ways to maximize the opportunities to grow these brands across all channels — both in the U.S. and globally.”

Posted May 14, 2018

Source: Delta Galil

DSM Invests To Increase Global Dyneema® Production Capacity

HEERLEN, The Netherlands — May 14, 2018 — Royal DSM today announced it will increase production capacity for Dyneema®, the world’s strongest fiber™. Strong demand for both Dyneema UD (Uni-Directional laminate) and Dyneema fiber is prompting this increase. Financial details will not be disclosed.

The company is investing to install additional new UD technology at its plant in Heerlen, the Netherlands, and its plant in Greenville, N.C., and will also make improvements to existing production lines to expand Dyneema UD and Dyneema fiber capacity, incorporating the latest technologies. The global production capacity of Dyneema UD will be increased by more than 20 percent. This capacity increase will further strengthen DSM’s product leadership under the Dyneema brand.

The capacity expansion will enable DSM to serve the growing global customer demand. The growing domestic U.S. market will be served better from DSM’s Greenville facility. Globally-recognized law enforcement organizations such as: the New York Police Department (NYPD), U.S. Department of Homeland Security, U.S. Immigration and Customs Enforcement, Los Angeles Police Department, and many others are protected daily by Dyneema technology. The additional Dyneema UD and Dyneema fiber capacity will become available in the course of 2018 and is due be fully on stream by Q1 2019.

In addition to expanding capacity, DSM Dyneema will also further improve its carbon footprint, delivering on its brand promise Dyneema, the Greenest Strength™. Applications made with Dyneema already deliver the lowest carbon footprint for the performance specified from cradle-to-grave compared to other materials and DSM is committed to further improve this. As an example, DSM’s plant in Greenville already uses 100-percent renewable electricity.

Dyneema UD is a composite unidirectional laminate that offers excellent energy absorption and enhanced protection. It is available as a hard and soft ballistic material. Ongoing innovation by DSM will continue to newer, lighter, better performing materials to the market in the years ahead.

“Dyneema products are finding use in a broad and ever-increasing range of markets and applications in which lightweight strength is of the essence, for instance best-in-class protective ballistic vests, inserts and helmets,” noted DSM Dyneema President Wilfrid Gambade. “DSM Dyneema is the world’s largest UHMwPE fiber and UD manufacturer with a backward integration into UHMwPE polymer production. These investments will enable us to better accommodate growing customer demand and needs while further extending our global leadership position.”

Posted May 14, 2018

Source: DSM Dyneema

Unifi Receives Prestigious UNC Sustainability Award

GREENSBORO, N.C.— May 11, 2018 — Greensboro, N.C.-based Unifi Inc. is excited to announce it is the inaugural business recipient of the 2018 UNC Sustainability Award from Kenan-Flagler Business School’s Center for Sustainable Enterprise and the Kenan Institute of Private Enterprise. The prestigious award recognizes leadership and best practices in environmental and business sustainability for North Carolina enterprises. The global textile solutions company, which makes its REPREVE® performance fiber from recycled materials, including plastic bottles, accepted the award Thursday, May 10, at a special dinner.

“Unifi is honored to be recognized by UNC as a leader in developing innovative, environmentally-friendly practices as part of our business model,” said Unifi CEO Kevin Hall. “We are proud to have partnered with the world’s leading brands to transform more than 10 billion bottles into performance fibers, and are on track for 30 billion by 2022.”

“The Center for Sustainable Enterprise has been a thought leader in sustainability for almost 20 years,” said Albert Segars, PNC Distinguished Professor, Strategy & Entrepreneurship and Faculty Director, Center for Sustainable Enterprise. “There are also many businesses in North Carolina that have been innovative leaders in sustainable enterprise, in some cases for much longer than 20 years. We thought it was time to highlight the positive stories of those organizations and highlight their leadership in building profitable as well as sustainable models of business.”

UNC chose Unifi to receive the award because of the company’s strong history of commitment to sustainability, along with its strategic and thoughtful business practices. Criteria selection includes:

  • Initiative: The drive to act or take charge before others do.
  • Innovation: A new or novel idea, method, or approach.
  • Impact: To have a strong effect on someone or something.

“Unifi is a leader in sustainability among American-based companies,” said Brad Ives, UNC’s associate vice chancellor for Campus Enterprises and chief sustainability officer. “They have long been a leader in using recycled materials to manufacture their innovative yarns while showing that superior products do not need virgin materials. Likewise, their commitment to landfill-free manufacturing demonstrates a great environmental commitment to their local communities. As a North Carolinian, I am immensely proud to have a forward-thinking company like Unifi headquartered here.”

“At Unifi, we have a passion and commitment for developing sustainable performance solutions that go into products everyone can feel good about wearing and buying,” Hall said. “We are incredibly grateful for our partnership with UNC as we are recognized for best practices in sustainable enterprise.”

Leaders at UNC say the goal of the award is to highlight the exceptional work that North Carolina businesses are doing, while continuing to pursue green initiatives and goals. They hope the award challenges other businesses to take a look at their practices and follow sustainable suit.

Posted May 12, 2017

Source: Unifi

House of Lords, Rodeo Clothing Partner With FashionGo For Global Reach

LOS ANGELES — May 10, 2018 — Wholesale distributor of popular Menswear lines, House of Lords and Rodeo Clothing, announced today the partnership inked with FashionGo that will facilitate accessibility for wholesale buyers worldwide. To kick off the alliance, both House of Lords and Rodeo Clothing will showcase their 2018 spring and summer collections on the FashionGo site.

FashionGo is an online business-to-business (B2B) fashion marketplace, connecting wholesale vendors and buyers from around the world. By joining forces, House of Lords and Rodeo Clothing will expand access to their exclusive lines and newest releases to retailers across the globe.

Starting today, House of Lords and Rodeo Clothing designs will be available through FashionGo. Wholesale buyers and customers can purchase featured items, such as the staple House of Lords edgy premium button down men’s shirts with detail and trims that make them uniquely their own, high-quality premium jeans and Rodeo Clothing’s stylish western-inspired pieces.

“At House of Lords and Rodeo Clothing, we aim to provide retailers with the best experience possible, so tapping into FashionGo’s extensive e-commerce network is an important move for us as we work to increase brand awareness on a global scale,” said Founder and President Kevin Naim.

Posted May 10, 2018

Source: House of Lords Clothing

New Hampshire Facility Certified Hygienically Clean For Healthcare

ALEXANDRIA, Va. — May 10, 2018 — General Linen Service, LLC has earned the Hygienically Clean Healthcare designation at its Somersworth, N.H., location, reflecting its commitment to best management practices (BMPs) in laundering as verified by on-site inspection and their capability to produce hygienically clean textiles as quantified by ongoing microbial testing.

The certification confirms General Linen Service’s 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.

Certified laundries pass three rounds of outcome-based microbial testing, indicating that their processes are producing Hygienically Clean Healthcare linens and garments and zero presence of harmful bacteria. To maintain their certification, laundry plants 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.

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 through testing and inspections that scrutinize quality control procedures in linen and uniform service operations. Outcome-based microbial testing indicates diminished presence of yeast, mold and harmful bacteria. The Hygienically Clean standard provides for two inspections every three years. OSHA compliance is closely examined, particularly toxic and hazardous substance handling rules governing 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.

“Congratulations to General Linen Services on their certification,” said Joseph Ricci, TRSA president and CEO. “This achievement proves their ongoing commitment to infection prevention and that their laundry facilities take every step possible to prevent human illness.”

Posted May 10, 2018

Source: TRSA

Safety Components Adds Distributors For WeatherMAX 3D

GREENVILLE, S.C. — May 10, 2018 — Safety Components, manufacturer of WeatherMAX and other high-performance outdoor technical fabrics, has added four distributors for its newest product, WeatherMAX 3D:

  • J.Ennis Fabrics;
  • Keyston Bros.;
  • Performance Textiles; and
  • The Miami Corp.

This provides availability for the innovative textile throughout the United States and Canada.

Made in the USA, WeatherMAX 3-D stretches up to 20 percent under tension, returning to its normal shape when relaxed, making it ideal for complex three-dimensional shapes and patterns without excessive darting. Water resistant, yet breathable, it’s 100-percent pigment solution dyed with superior UV and fade resistance. The fabric comes with a 5-year warranty.

Posted May 10, 2018

Source: Safety Components

Manufacturing Excellence Awards Announced For This Year’s Home Furnishings Manufacturing Solutions Expo

ATLANTA  — May 10, 2018 — A who’s who of the furniture-manufacturing world will be among the honorees for the first-ever Manufacturing Excellence Awards being presented at this year’s Home Furnishings Manufacturing Solutions Expo.

Winners in six categories have just been announced for the Expo, to be held July 18-19 in Greenville, S.C. The awards honor manufacturers who are leaders in specific areas of the furniture industry.

The awards presentation will take place the show’s opening day, July 18, at 3:30 p.m. on the show floor at the TD Convention Center with a cocktail reception immediately following.

The Expo features a wide variety of exhibitors showcasing the latest in manufacturing equipment, systems, software and technology specifically developed for the furniture and home furnishings industry.

The honorees are:

Manufacturing & Supply Chain Innovation Award

Awarded to furniture manufacturing companies that have demonstrated consistent innovation in manufacturing process, commitment to state of the art technology and enhancement of manufacturing and supply chain efficiency.

  • For Manufacturing Innovation: Ashley Furniture Industries; and
  • For Supply Chain Excellence: Bassett

Product Design & Innovation Award

Awarded to a furniture manufacturer or importer who has demonstrated consistent innovative product design through the use of state-of-the-art manufacturing solutions and product development efforts.

  • For Upholstery & Motion: Southern Motion; and
  • For Case Goods: Hooker Furniture.

Domestic Manufacturing Excellence Award

Awarded to manufacturers who have demonstrated an ongoing commitment to domestic manufacturing through investments in operational efficiency and continuous manufacturing improvement processes.

  • For Operational Excellence: Klaussner Home Furnishings; and
  • For Continuous Improvement: Jackson Furniture.

Importer of the Year Award

Awarded to a furniture importer in the U.S. who has committed to best-in-process logistics, transportation and manufacturing facilities domestically and internationally.

  • A.R.T. Furniture

Upholstery Supplier of the Year Award

Awarded to a supplier that has created an innovative product that is moving the furniture upholstery category forward.

  • Glen Raven

HFMSE Plant Management Award

Awarded to a manufacturer who has grown consistently over the past several years and is known for quickly integrating plants, operations, technology and employees to create better furniture efficiently and expediently.

  • United Furniture Industries

Posted May 10, 2018

Source: Home Furnishings Manufacturing Solutions Expo (HFMSE)

United Legwear & Apparel Launches New In-House Brand, Fun Socks

NEW YORK CITY — May 10, 2018 — United Legwear & Apparel Co. LLC (ULAC) — a 20-year-old New York City-based global entity that designs, manufactures, markets, and distributes legwear, bodywear, apparel, and accessories for world-renown brands such as Puma and Skechers — today unveiled a wholly-owned and originally-created brand, Fun Socks. The brand launched a collection of more than 150 women’s and men’s sock styles that are available in over 90 points of global distribution and on funsocks.com. On May 10, Fun Socks will simultaneously open their first two experiential retail stores — one in SoHo, New York City and a second location on the “coolest block in America,” Abbot Kinney Boulevard in Venice, Calif.

Fun Socks is a collection of whimsical socks, retail destinations and experiences designed to encourage its customers to have “real fun’ with self-expression and infuse their style with positivity and passion. The collection reflects the attitude and vibe of New York: fashion-forward yet classic, edgy, outspoken, and most importantly, a sense of fun.

“Socks are an essential in everyone’s wardrobe but they don’t have to be boring,” said Isaac E. Ash, founder, president and CEO, ULAC. “At a moment in time when life can feel serious and impersonal, Fun Socks encourages customers to find moments of playfulness. Whether shoppers are in one of our new stores, on our website or following us on Instagram, every interaction with Fun Socks should spark joy and give everyone permission to have their own fun.”

On May 10, Fun Socks will officially open its first two bi-coastal retail stores. The SoHo shop, located at 436 West Broadway, is a 125-square-foot mini-emporium with ceiling-to-floor walls of Fun Socks. The Venice store, located at 1420 Abbot Kinney Boulevard, is a 600- square-foot “Fun House” featuring a large mural wall that will change seasonally. The current mural was created by multi-media artist Max Rippon. The store also has a tricked-out Fun Car inside it that offers the perfect Insta-moment of fun.

“As the world changes and consumers’ habits evolve, so must brands and retail,” continued Ash. “Our aim is to take the best parts of retail – the excitement of discovery and fun of face-to-face interaction – and build our brand around the things that endure: emotion, goodness, and community.”

Both stores have a curated series of activities happening at the stores from Thursday, May 10-Sunday, May 13 to celebrate the store openings and Mother’s Day weekend. A full list of store activations is available upon request.

Posted May 10, 2018

Source: United Legwear Co. LLC

Indorama Ventures Delivers Best Ever First-Quarter Results Quarterly EBITDA Of THB 10,863 Million

BANGKOK, Thailand — May 10, 2018 — Indorama Ventures Public Co. Ltd. (IVL), a global chemical producer, today reported financial results for the first quarter 2018.

The company has delivered another outstanding set of financial and operating metrics, underpinned by improvement in production volumes and margins across all segments and geographies. EBITDA was $344 million, an increase of 34 percent YoY, which is reflective of underlying strength in all segments and structural improvement in the polyester value chain. The star performer in the first quarter was PET, which grew its EBITDA by 64 percent, while Feedstock EBITDA grew 23 percent and Fiber EBITDA grew 10 percent. Operating Cash Flow grew 10 percent to $249 million.

First quarter production volume increased by 6 percent YoY to 2.3 million metric tons, mainly as a result of organic volume growth, operational excellence projects and higher operating rates as well as the successful integration of the HVA acquisitions announced in 2017. The company achieved its highest ever quarterly earnings per share of THB 1.04 post dilution of 11 percent from the partial exercise of warrants.

There was a strong improvement in North America and in EMEA. Asia is also on the path to recovery. However, current earnings from Asia, although improving, are not fully reflective of the fundamental improvements underway in the industry. Strong polyester demand growth, China’s ban of waste plastics and improved supply discipline are contributing to Asian earnings, which are expected to gain momentum in the forthcoming quarters.

The global outlook continues to be positive, backed by improving Asian sentiment led by robust demand growth and a favorable demand-supply balance leading to a cyclical upturn of the polyester value chain. Demand for PET continues to grow at around 6 percent.

In a strategic move to enhance earnings potential and add long-term value to the business in the Americas, the company has announced the acquisition of a 550,000 metric tons per annum PET facility in Brazil, and a joint investment in a 2.4 million tonne PTA-PET project at Corpus Christi in the United States.

The company’s Operating Cash Flow over the last twelve months of $941 million, has helped strengthen its balance sheet with the net operating debt to equity ratio improving to 0.39. Our growth plans include several strategic projects and a robust M&A pipeline that will continue to improve returns and add earnings growth over and above our organic initiatives.

Aloke Lohia, Group CEO of Indorama Ventures said: “We have started the year with an outstanding performance and an all-time high financial and operational result. This performance reflects the robustness of our strategy, but diversified across the value chain and geographically, the dedication of our employees and the desire to create sustainable growth in value for all our stakeholders. The strength of our balance sheet, predictable cash flows and accretive growth avenue gives me the confidence that we will achieve our stated target of 45 percent EBITDA growth in 2019 over 2017.

NOTE: Core EBITDA comes after excluding inventory gains/losses from the reported EBITDA.

Posted May 10, 2018

Source: Indorama Ventures

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