Atkins & Pearce Marks Its Bicentennial Of Manufacturing In America

COVINGTON, Ky. — August 14, 2017 — Atkins & Pearce is about to weave its ways into its third century of U.S. manufacturing.

Atkins & Pearce’s commercial achievements span across the Machine Age, the Industrial Age, the Atomic Age, and the Space Age, meaningful advances in many industries would not have been made over the past 200 years without Atkins & Pearce providing some critical textile component. From the Model A to today’s most advanced automobiles, from the earliest long-distance telegraph to today’s technically complex satellites, Atkins & Pearce’s textile embodiments are as near as your favorite armchair and as far forward as the latest advancements in medicine and aerospace.

Today, Atkins & Pearce’s advanced, high-capacity footprint generates an annual output of just over 10 billion feet or enough narrow technical textiles to wrap the earth 76 times.

Atkins & Pearce is most known for its long history of delivering dependable high quality textile components. It is viewed as a technology enabler across a wide range of technical textile platforms and are counted on for its vast textile know-how wherever industry intersects with high-performance fibers.

“We strive to be viewed not as a supplier of parts, but as a highly reliable long-term partner willing to commit capital, expertise and excellence in execution,” Jeb Head, owner and president, Atkins & Pearce. “By doing this we materially enhance our customer’s ability to achieve their growth strategy faster and with less risk.

Atkins & Pearce’s limits in converting fibers is hard to define; however, the primary markets its supports are:

  • Electrical Motor and Generator Manufacturing;
  • Automotive Manufacturing;
  • Aerospace Design & Production;
  • Sports & Recreation;
  • Industrial Motive Power;
  • Protective Sleeving Solutions;
  • Custom Wicking Systems;
  • Precision Yarn Packaging; and
  • High Strength / Lightweight Textile Systems.

Posted August 15, 2017

Source: Atkins & Pearce

VF Announces Definitive Agreement to Acquire Williamson-Dickie Mfg. Co.; Raises 2017 Outlook and 2021 Financial Targets

GREENSBORO, N.C. — August 14, 2017 — VF Corp. and Williamson-Dickie Mfg. Co. today jointly announced that they have signed a definitive merger agreement.

The transaction is expected to be completed early in the fourth quarter of this year and VF will pay Williamson-Dickie shareholders approximately $820 million in cash. On a trailing 12-month basis, Williamson-Dickie generated approximately $875 million of revenue. Additional details regarding the transaction and the strategic rationale supporting it will be reviewed during a VF conference call held at 8:30 a.m. Eastern Time today. The conference call will be broadcast live via the internet, accessible at ir.vfc.com. An investor presentation is also available for download at the same location.

Well-known Williamson-Dickie brands include: Dickies®, Workrite®, Kodiak®, Terra®, and Walls®. These brands will join VF’s current workwear offerings including: Wrangler® RIGGS Workwear®, Timberland PRO®, Red Kap®, Bulwark®, and Horace Small®. Upon closing, Williamson-Dickie will become part of VF’s Imagewear coalition. Philip Williamson, Chief Executive Officer of Williamson-Dickie will remain with the company, headquartered in Fort Worth, Texas.

“When we introduced our 2021 global business strategy earlier this year, reshaping our portfolio to accelerate growth was our highest priority,” said Steve Rendle, president and CEO, VF. “The acquisition of Williamson-Dickie is another meaningful step that delivers on that commitment and further demonstrates our focus on being an active portfolio manager to drive transformative growth for VF and value creation for our shareholders.”

“For nearly a century we’ve worked hard to judiciously grow our company and portfolio of strong brands to maintain our leadership in the global workwear marketplace,” said Philip Williamson. “Today’s announcement is an authentic and natural next step as we look to combine the strengths of our two companies to create significant opportunities for our employees, vendors, retail partners and ultimately our customers. We expect that under VF’s leadership, we’ll be able to experience the next wave of growth and better meet the needs of workers everywhere.”

“This acquisition combines two great companies and a group of iconic brands to create a global leader in workwear with approximately $1.7 billion in annual revenue,” Rendle continued. “Williamson-Dickie has a proud history and heritage, and has served a loyal consumer base for nearly 100 years. VF is the ideal steward to honor that heritage while providing a platform for growth that ensures continued success for another century. We look forward to welcoming Williamson-Dickie and its 7,000 dedicated employees to the VF family.”

2017 Outlook Raised

The following outlook for 2017 has been updated to include the impact of the Williamson-Dickie acquisition, excluding transaction and other deal-related expenses, and now includes the following:

  • Revenue is now expected to reach $11.85 billion, up 3.5 percent on a reported basis (up 4.5 percent currency neutral), and includes about a $200 million contribution from Williamson-Dickie. This compares to the previous expectation of $11.65 billion, a 2 percent increase on a reported basis (up 3 percent currency neutral).
  • Gross margin is now expected to reach 49.5 percent, versus the previous expectation of 49.8 percent, and includes the impact of Williamson-Dickie. Excluding the impact of Williamson-Dickie, gross margin is still expected to be 49.8 percent and includes about a 70 basis point negative impact from changes in foreign currency.
  • Operating margin is now expected to approximate 13.7 percent, versus the previous expectation of about 14 percent, and includes the impact of Williamson-Dickie. Excluding the impact of Williamson-Dickie, operating margin is still expected to be about 14 percent and includes about a 60 basis point negative impact from changes in foreign currency.
  • Earnings per share is now expected to be $2.96, versus the previous expectation of $2.94, and includes about a $0.02 contribution from Williamson-Dickie. Accordingly, EPS is expected to decline approximately 1 percent on a reported basis (up at a mid-single-digit percentage rate currency neutral) compared to 2016 adjusted EPS of $2.98. A reconciliation of 2016 GAAP earnings per share to adjusted earnings per share is presented in the supplemental financial information included with the press release dated February 17, 2017.
  • Transaction and deal-related expenses are estimated to approximate $0.04 per share.
    2021 Financial Targets Increased

The following outlook for 2021 has been updated to include the impact of the Williamson-Dickie acquisition, excluding transaction and other deal-related expenses, and includes the following:

  • Revenue through 2021 is now expected to grow at a five-year compounded annual growth rate (CAGR) between 5 percent and 7 percent to more than $15 billion, versus the previous expectation of a 4 percent to 6 percent five-year CAGR. Williamson-Dickie is expected to contribute more than $1 billion of revenue by 2021.
  • Earnings per share is now expected to grow at a five-year CAGR between 11 percent and 13 percent to more than $5.00, versus the previous expectation of a five-year CAGR between 10 percent and 12 percent. Williamson-Dickie is expected to contribute more than $0.25 by 2021.

Barclays is acting as financial advisor to VF Corporation and Davis Polk and Wardwell LLP is acting as legal advisor.

Currency Neutral – Excluding the Impact of Foreign Currency

This release refers to “reported” amounts in accordance with U.S. generally accepted accounting principles (“GAAP”), which include translation and transactional impacts from foreign currency exchange rates. This release also refers to “currency neutral” amounts, which exclude both the impact of translating foreign currencies into U.S. dollars and the impact of currency rate changes on foreign currency denominated transactions.

Posted August 15, 2017

Source: VF Corp.

Indorama Ventures Acquires DuraFiber Technologies

BANGKOK, Thailand — August 15, 2017 — Indorama Ventures Public Co Ltd. (IVL), a global chemical producer, has announced that it has entered into an agreement to acquire DuraFiber Technologies México Operations, S. A. DE C. V. (DFT), a Mexican producer of durable technical textiles for industrial, tire reinforcement, and specialty applications globally. DFT’s Queretaro plant in Mexico (co-sited with IVL Mexico) has a capacity to produce a total of 37,500 tonnes/annum of PET High Modulus Low Shrinkage (PET HMLS), PET Heavy Denier Industrial (PET HDI) and nylon 6 fully-integrated into tire cord fabrics and industrial and industrial textiles. Its products are used in a wide range of applications including reinforcement for conveyor belts, hoses, single-ply roofing, tents, automotive airbags, seat belts, safety harnesses and ropes. The transaction is expected to be completed in the third quarter of 2017, subject to the usual regulatory approvals (including the approval by the Mexican Antitrust Commission). Concurrently with this planned acquisition in Mexico, IVL has agreed to also acquire DuraFiber Longlaville, France, having a capacity of 35,000 tonnes/annum, again subject to a definitive agreement, the relevant regulatory approvals and employee approval.

Commenting on the acquisition, Aloke Lohia, Indorama Ventures group CEO, said: “The acquisition of DuraFiber is strongly aligned with our strategy of pursuing accretive growth opportunities in the high value-added automotive segment. DuraFiber’s portfolio is a complementary fit with our current HVA tire cord fabric products in Europe and a strong fit with our existing PET site in Mexico. DuraFiber is a strong brand with recognized products with deep insights into the market combined with IVL’s global scale will enable us to better meet customers’ evolving needs.”

The market is projected to have a growth rate around 6 percent CAGR in 2017-2021. DuraFiber is the sole domestic tire cord fabric producer in Mexico with products approved by major global tire companies.

“The automotive segment is a key growth driver in IVL’s HVA portfolio that will bring exciting developments to the company,” Lohia added. “While PET is still an important backbone for the company, HVA is now accounting for 50 percent of IVL’s core EBITDA. Our focus remains on delivering best-in-class propositions, while driving our global innovation agenda to strengthen the company’s capabilities in the value chain where we are present. I am confident that with the transformational strategy to consolidate our leadership position in key businesses and markets, IVL delivers significant value to our shareholders.”

Key points:

  • Complementary addition to IVL’s Automotive Segment, further strengthening its leading position in US$ 10 billion+ automotive fiber market.
  • A complete portfolio of tire cord fabric products makes IVL the leading fiber partner for the automotive industry.
  • Gains significant presence in Mexico (Americas) and European markets.
  • Synergies across product lines and markets in IVL core business and site integration with IVL Mexico.
  • Delivers immediate value accretion.

Posted August 14, 2017

Source: IVL

First Exit For Emergevest Fund LP From JDU Denim Production

HONG KONG — August 10, 2017 — In connection with the successful merger of its portfolio company, JD United Holdings Limited (JDU), with Taiwan-listed Roo Hsing Co. Ltd. (Roo Hsing), EmergeVest completely exited its investment in JDU, generating more than 2x invested capital and an IRR above 25. Consideration for the transaction is not being disclosed.

Headquartered in Changzhou, Jiangsu, China, JDU has 25 manufacturing facilities across Asia and Africa, producing apparel for leading international brands and retailers, such as Levi Strauss, Gap, Fast Retailing, Primark and C&A. The merger with Roo Hsing cements the business as one of the world’s leading denim manufacturers, with combined revenue of more than $500 million.

EmergeVest first invested in JDU in 2014 and supported the company’s expansion with additional capital in 2015. During its investment period, EmergeVest reorganized JDU’s shareholding structure, buying out a previous private equity investor, optimized JDU’s balance sheet, financed expansion into new markets and product categories, and managed the merger with Roo Hsing.

Commenting on today’s announcement, Roger Moh, managing director at EmergeVest, said: “We are delighted to have helped JDU management make such significant progress in growing the business. We wish the enlarged company well for the future.”

Richard Sun, CEO at JDU, said: “I would like to express my gratitude toward EmergeVest and its partners for their support. EmergeVest has enabled us to capitalize on growth opportunities, culminating with the merger with Roo Hsing. We are well positioned for future development.”

EmergeVest was advised on the transaction by Ropes & Gray.

Posted August 10, 2017

Source: EmergeVest

Dempsey Uniform & Linen Adds Third Hygienically Clean Certification: Emphasis On Process, Third-party Validation And Outcome-based Testing

ALEXANDRIA, Va. — August 10, 2017 — Dempsey Uniform & Linen Supply, Jessup, Pa., has added Hygienically Clean Food Service certification to its credentials. The laundry previously earned the Hygienically Clean Healthcare and Hygienically Clean Food Safety designations, reflecting an extensive 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 certifications confirm the laundry’s dedication to compliance and processing linens and uniforms using BMPs as described in its quality assurance documentation, the focal point for laundry plant inspectors’ evaluation of critical control points that minimize risk. The independent, third-party inspection must confirm essential evidence that:

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

In addition, Dempsey Uniform & Linen passed three rounds of outcome-based microbial testing, indicating that their processes are producing Hygienically Clean linens and garments and zero presence of harmful bacteria. To maintain certification, laundry plants must pass quarterly testing including yeast and mold detection 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 markets served. Hygienically Clean Healthcare requirements address the laundry needs of hospitals, surgery centers, medical offices, nursing homes and other medical facilities. Hygienically Clean Food Safety covers animal processing, dairies, fruit/vegetable, bakeries, grain and other food and beverage industry segments. Hygienically Clean Food Service certification is appropriate for laundry service to any location where food is served, including full- and limited service restaurants, hotels, hospitals and educational institutions.

Dempsey Uniform & Linen is the third facility in the Hygienically Clean program’s history (dates to 2012) to earn all three certifications. The others, Crown Linen Service, Brockton, Mass., and Miller’s Textile Services, Wapakoneta, Ohio, completed the trifecta in November and March, respectively.

The Hygienically Clean standard provides for two inspections every three years. The certifications incorporate the international cleanliness standards for linens and garments used worldwide by the Certification Association for Professional Textile Services and the European Committee for Standardization.

“Congratulations to Dempsey on their certifications,” said Joseph Ricci, TRSA president and CEO. “This achievement proves their dedication to building their customers’ confidence that their laundry takes every step possible to prevent human illness.”

Posted August 10, 2017

Source: TRSA

Introducing Milliken Innovarest™ — Innovative Rest Solutions

GREENVILLE, S.C. — August 2, 2017 — For more than 150 years, Milliken has combined science, design, innovation and creativity to develop technologies and products that enhance daily lives, improve health and safety, and make the world more sustainable.

Today, its Innovarest™ team uses its rich heritage of innovation to help people rest better. From production to development to customer service — the team is working hard for safety, performance and comfort in all of our products found in beds in homes all across America today.

Our mission is to have everyone sleep more soundly through our innovative rest solutions.

Posted August 9, 2017

Source: Milliken & Company

Rusvata Celebrates Its New State-Of-The-Art Trützschler Spunlacing Line

MÖNCHENGLADBACH, Germany — August 9, 2017 — On April 28, Russia-based OOO RUSAVATA extended an invitation to celebrate the inauguration of its new Trützschler line for production of hydroentangled nonwovens at its headquarters in Rjasan. The spunlacing line was officially taken into service in the presence of the Rusvata management, investors, customers as well as the representatives of Trützschler Nonwovens and its commercial agency Derux.

Rusvata produced the first roll of cotton already in 1896; today it is the only company that has integrated the complete chain of cotton processing for cotton wool and gauze. Rusvata now owns a modern and highly flexible spunlacing line with a monthly production capacity of more than 700 tons. Trützschler Nonwovens has supplied a complete line consisting of machines for fiber opening and blending, carding, hydroentanglement, drying and winding, all of them manufactured by Trützschler. Derux group was involved in the project as commercial agency. Derux looks back upon more than a decade of business activity in russia and cis countries with focus on large-scale projects in nonwovens lines as well as many supplies of nonwoven fabrics by German top companies.

The fiber material to produce nonwoven fabrics mainly consists of cotton which comes from the company’s bleachery. This ensures that Rusvata can control the fiber quality and react flexibly to changing customer requirements. The hydroentangled nonwovens are the basic material for cotton pads, wet wipes and other cleaning wipes as well as textiles for medical applications. The wide range of applications makes this line unique in Russia. With this forward integration, the company strengthens the region with 150 new jobs.

Posted August 9, 2017

Source: Trützschler

Buy Children’s Textiles With A Clear Conscience: Parents Rely On MADE IN GREEN

ZURICH — August 8, 2017 — These days, parents are not just concerned about quality and price when buying children’s clothing. They also want to have the good feeling that their purchase decision was right with regards to sustainability. The MADE IN GREEN by OEKO-TEX® label creates clarity with this: Labelled articles are harmless to health and sustainably produced, according to the valid Oeko-Tex guidelines. All of this is communicated transparently to parents on a small label.

Can parents be certain that the new romper suit for the little darling is tested for harmful substances? Has the article been manufactured under fair working conditions and in an environmentally friendly manner? With these questions, parents increasingly want to be certain that textiles fulfil their growing demands. With the Made In Green label, retail companies, retailers and manufacturers have the opportunity to communicate on the product directly to responsibility-conscious parents that they are committed to high product safety as well as ecological and social production conditions. The Made In Green label is issued for textile products of all types that have been tested for harmful substances according to STANDARD 100 by Oeko-Tex and also originate from sustainable production facilities that operate according to the requirements of the STeP by Oeko-Tex certification (STeP stands for “Sustainable Textile Production”).

Made In Green offers consumers a degree of transparency on only one label, which is a new feature in the market. Each label has a unique product ID or QR code. With this, parents can trace back the production of the respective product with their smartphone directly in the store. A brief scan of the QR code provides answers to questions such as: In which production facility along the textile chain was this textile produced? In which countries did the production take place? This creates trust and offers customers an additional opportunity to educate themselves about textile products and compare them to one another to make the best decision. Therefore, the Made In Green label, which was introduced in spring 2015, is a strong sales tool, particularly for retail companies and retailers with an affiliated supply chain who focus on parents as a target group. The Swiss undergarment brand, CALIDA, was one of the first companies to start labelling individual products for men and women with the Made In Green by Oeko-Tex label. The first completely labelled segment has been the CALIDA children’s collection that was certified in July 2016.

In order to simplify the selection of Made In Green labelled products for retailers and companies, Oeko-Tex provides the Oeko-Tex Buying Guide free of charge at www.oeko-tex.com/products. The tool provides support with the procurement of raw materials and products, as well as in the selection of cooperation partners and suppliers along the textile chain. Therefore, Oeko-Tex offers companies and retailers an entire ecosystem of labels and services – and a crucial shopping tool for health-conscious parents.

“QR code” is a registered trademark of Denso Wave Inc.

Posted August 9, 2017

Source: OEKO-TEX®

Parameter Establishes Subsidiary Company In Poland

BLACK MOUNTAIN, N.C. — August 9, 2017 — Parameter Generation & Control is expanding its global marketing and distribution channels by establishing a subsidiary corporation to serve eastern Europe. The new company will be headquartered in Warsaw, Poland.

Called Parameter EU, the company will be responsible for marketing, selling and distributing Parameter Generation & Control’s proprietary temperature and humidity control chambers to clients in several eastern European countries that include Poland, the Czech Republic, Slovakia and Lithuania.

The decision to establish a subsidiary in Poland stems from that region’s rapidly expanding pharmaceutical industry, said Clay Hile, president and CEO of Parameter Generation & Control.

“Eastern Europe is seeing tremendous growth in pharmaceuticals, an industry that relies heavily upon temperature and humidity control chambers for a number of mission-critical processes that include stability storage and regulatory submissions,” Hile said. “The cost of doing business in eastern Europe typically is lower than in either western Europe or the United States, which makes the area attractive to global pharmaceutical companies seeking to expand operations.”

Packaging, textile and wood product companies operating in eastern Europe also would be good condidates for Parameter products, Hile added.

Hubert Wyszomirski has been appointed area manager for Parameter EU. Ala’a Haris has been appointed general manager.

Posted August 9, 2017

Source: Parameter Generation & Control

Imports Set To Hit New Monthly And Annual Records As Retail Sales Continue To Increase

WASHINGTON — August 9, 2017 — Boosted by continuing sales growth, August is expected to be the busiest month on record for imports at the nation’s major retail container ports and 2017 is on track to set a new annual high, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.

“Retailers are selling more and that means they need to import more,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “With sales showing year-over-year increases almost every month for a long time now, retail supply chains are working hard to keep up. These latest numbers are a good sign of what retailers expect in terms of consumer demand over the next few months.”

Ports covered by Global Port Tracker handled 1.69 million Twenty-Foot Equivalent Units in June, the latest month for which after-the-fact numbers are available. That was down 2 percent from May but up 7.5 percent from June 2016. July was estimated at 1.72 million TEU, up 5.6 percent from the same time last year. One TEU is one 20-foot-long cargo container or its equivalent.

August is forecast at 1.75 million TEU, up 2.1 percent from last year. That would be the highest monthly volume recorded since NRF began tracking imports in 2000, topping the 1.73 million TEU seen in March 2015. The 1.7 million-plus numbers seen in May and July and now expected for August and October would represent four of the six busiest months in the report’s history.

September is forecast at 1.67 million TEU, up 4.7 percent from last year; October at 1.72 million TEU, up 3 percent; November at 1.62 million TEU, down 1.4 percent, and December at 1.59 million TEU, up 1.5 percent.

Those numbers would bring 2017 to a total of 19.7 million TEU, topping last year’s previous record of 18.8 million TEU by 4.9 percent. That compares with 2016’s 3.1 percent increase over 2015. While July numbers are not yet final, the first half of 2017 tentatively totaled 9.7 million TEU, up 7.4 percent from the same period in 2016.

The import numbers come as retail continues a long-term pattern of increased sales. Total retail sales have grown year-over-year every month since November 2009, and retail sales as calculated by NRF — excluding automobiles, gasoline stations and restaurants — have increased year-over-year in all but three months since the beginning of 2010. Retail employment, despite recent short-term fluctuations, has increased by 1.5 million jobs during the same period.

NRF has forecast that 2017 retail sales – excluding automobiles, gasoline and restaurants – will increase between 3.7 and 4.2 percent over 2016, driven by job and income growth coupled with low debt. Cargo volume does not correlate directly with sales because only the number of containers is counted, not the value of the cargo inside, but nonetheless provides a barometer of retailers’ expectations.

Hackett Associates Founder Ben Hackett noted that U.S. gross domestic product grew 2.6 percent in the second quarter of this year, more than double the 1.2 percent seen in the first quarter.

“This relatively strong growth underlies the robust level of imports we have forecast and witnessed,” Hackett said.

Posted August 9, 2017

Source: National Retail Federation and Hackett Associates

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