From Old Tires To New Car Parts: Neste, Borealis And Covestro Aim At Closing The Loop For Automotive Industry

VIENNA, Austria  — June 11, 2024 — Neste, Borealis and Covestro have signed a project agreement to enable the recycling of discarded tires into high-quality plastics for automotive applications. The collaboration aims at driving circularity in plastics value chains and the automotive industry. When no longer fit for use, tires are liquefied by means of chemical recycling and then processed into base chemicals and further into polycarbonates of high purity. These can then be used in various automotive applications, from parts of headlamps to radiator grills.

Strong partnership for a circular economy (from left to right): Jeroen Verhoeven (Neste), Thomas Van De Velde (Borealis), Guido Naberfeld (Covestro) aim to make new car parts from discarded tires. © Covestro

“Circularity requires cooperation, and this cooperation with our partners Neste and Borealis is testament to the possibilities at our disposal,” said Guido Naberfeld, senior vice president, head of Sales and Market Development Mobility at Covestro. “We are creating options to turn old tires into new car parts again. With that, we are supporting our automotive customers and addressing an increasingly prominent question discussed across the value chain: How to match high-performance materials with recycled content? Projects like this can be the answer.”

As part of the collaboration, Neste turns liquefied discarded tires into a high-quality raw material for polymers and chemicals manufacturing and supplies it to Borealis. Borealis will then process the Neste-produced raw material into base chemicals phenol and acetone, which are supplied to Covestro. Covestro can use these materials to make polycarbonates. The share of recycled content is attributed via the mass balancing approach all the way to the final products using ISCC Plus certification.

Neste Borealis Covestro automotive circularity project infographic

The first products based on the collaboration are already available as each party has manufactured the first batch of their respective contribution to the project. Aside from polycarbonates, the project partners may also consider polyurethanes as a possible end product, which could also find its way into parts of the interior of a car. The companies emphasize that the potential to scale-up these types of developments should be considered when setting ambitious targets for future EU regulations, such as the End of Life Vehicles Regulation.

“We are demonstrating the importance of value chain cooperation to give new value to waste,” said Thomas Van De Velde, senior vice president Base Chemicals at Borealis. “We are proud that Borealis, in collaboration with Neste, is able to play a role in this project, providing more sustainable solutions for polymer applications for Covestro and its customers.”

“This project can serve as a blueprint when it comes to establishing circularity in the field of plastics in cars,” siad Jeroen Verhoeven, vice president Value Chain Development for polymers and chemicals at Neste. “It shows how low-quality waste materials can be turned into very high-quality plastics. This is good news for the polymers and automotive industries as well as for the environment.”

The collaboration will be presented during the PIAE in Mannheim, Germany on June 19-20, 2024.

Posted: June 11, 2024

Source: Borealis

Napapijri, Good Earth Cotton Collaborate To Create Summer Essentials With Transparent Traceability

SYDNEY, Australia  — June 9, 2024 — Premium lifestyle brand Napapijri has released a range of sustainable summer essentials for men, women and kids, using Good Earth Cotton®.

Good Earth Cotton is a production system verified as having a positive Net Zero position.

Available online and in select stores from 6 June 2024, the partnership between Napapijri and Good Earth Cotton highlights the brand’s aim to source 100 percent of its materials from regenerative, responsibly sourced, renewable or recycled sources by 2030. The range includes premium knitwear including T-shirts, polos and more.

“Napapijri interprets sustainability as a new form of creativity, an inspiration for new ideas, paths and innovation. Our product and design teams work hand in hand to stay ahead of the curve and receptive to new possibilities in the textile world. Our partnership with trailblazing Good Earth Cotton represents yet one more step in this direction”, explained Silvia Onofri, president of Napapijri.

The Australian-grown Good Earth Cotton program focuses on regenerative farming that improves soil health, enhances biodiversity and sequesters carbon ensuring that it not only has a neutral impact on the environment but net positive one.

“Teaming up with Napapijri feels like the perfect match. Our verified regenerative Australian cotton allows Napapijri to create summer essentials from fibre that is kind to the planet” Good Earth Cotton Founder Dani Statham said.

“Powered by FibreTrace® technology, the Napapijri Good Earth Cotton range lets consumers witness supply chain sustainability and integrity firsthand. With a quick scan of a QR code, they can trace the garment’s journey from soil to store.”

“Good Earth Cotton is not just about producing high-quality cotton; it’s about fostering a regenerative approach that positively impacts the planet. We believe measuring sustainability in the fashion and textile industry is everyone’s responsibility” Statham added.

One of the most innovative aspects of Good Earth Cotton is the use of FibreTrace technology, a real time verification for fiber integrity.

Unlike other traceability technologies, FibreTrace embeds luminescent pigments into the raw cotton, creating a unique signature to verify the fiber and track across the global supply chain.

Luminescent pigments are pigments that create physical traceability locked to a scanning device.

As the leading authority and voice for the retail industry, NRF analyzes economic conditions affecting the industry through reports such as Global Port Tracker.

FibreTrace also validates the data of the raw cotton fiber and sustainability improvements through the supply chain.

Each product in Napapijri’s Good Earth Cotton range comes with a QR code on the label which can be scanned to display the products supply chain journey from fiber to store.

Posted: June 10, 2024

Source: Good Earth Cotton® / Napapijri

National Retail Federation (NRF): Monthly Import Cargo To Hit Highest Level Since 2022

WASHINGTON — June 10, 2024 — Monthly inbound cargo volume at the nation’s major container ports is expected to reach its highest level in nearly two years this summer,  according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.

“Consumers are continuing to spend more than last year, and retailers are stocking up to meet demand, especially as we head into peak shipping season,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “The high level of imports expected over the next several months is an encouraging sign that retailers are confident in strong sales throughout the remainder of the year. Unfortunately, retailers are also facing supply chain challenges again, this time with congestion at overseas ports that are affecting operations and shipping rates.”

Hackett Associates Founder Ben Hackett said an expected seven-month string of import levels above 2 million Twenty-Foot Equivalent Units — a level reached only twice since October 2022 — is partly due to changes in the annual “peak season” for shipping.

“Imports of containerized goods at U.S. ports are booming, with particularly strong growth on the West Coast,” Hackett said. “In the last couple of years, we have witnessed a flattened peak season that has stretched out the volume of imports over extra months versus the strong, consolidated surge seen in the past. Reasons range from retailers restocking following strong sales after the pandemic to trying to get ahead of increased tariffs on goods from China set to take effect in August and ensuring sufficient inventories for the holiday season amid strong consumer demand.”

U.S. ports covered by Global Port Tracker handled 2.02 million TEU — one 20-foot container or its equivalent — in April, the latest month for which final numbers are available. That was up 4.6 percent from March and up 13.2 percent year-over-year, and was the highest number since 2.06 million TEU last October.

Ports have not yet reported May’s numbers, but Global Port Tracker projected that volume rose to 2.09 million TEU, up 8.3 percent year over year for the highest level since 2.26 million in August 2022. June is forecast to go even higher at 2.11 million TEU, up 15.2 percent year over year. July is forecast at 2.1 million TEU, up 9.5 percent; August at 2.17 million TEU, up 10.6 percent; September at 2.06 million TEU, up 1.7 percent, and October at 2.01 percent, down 2.3 percent from the same month last year.

The first half of 2024 is expected to total 12.1 million TEU, up 15 percent from the same period last year. Imports during 2023 totaled 22.3 million TEU, down 12.8 percent from 2022.

The import numbers come as NRF is forecasting that 2024 retail sales — excluding automobile dealers, gasoline stations and restaurants to focus on core retail — will grow between 2.5 percent and 3.5 percent over 2023.

Posted: June 10, 2024

Source: The National Retail Federation (NRF)

CASCADE — A KARL MAYER GROUP Solution For Verifiable Inline Energy Recycling On Sizing Machines And Dyeing Systems

OBERTSHAUSEN, Germany — June 7, 2024 — Energy consumption is an important success factor for textile companies. For finishing companies, it can lead to costs of up to 15 percent of turnover. The industry average for energy expenditure is around 5 percent.

For both economic and sustainability reasons, manufacturers are increasingly looking for innovative technical solutions. When it comes to the energy-intensive drying processes in warp preparation, the KARL MAYER GROUP has the answer: The global player has developed a sophisticated system for considerable energy savings when operating the cylinder dryers in its PROSIZE® sizing machines and BLUEDYE dyeing plant.

Saving costs with inline energy recycling

The innovation is called CASCADE and focuses on steam as a heating medium in cylinder dryers. And for good reason: according to the IPCC report by ITMF Zurich, one tonne of steam cost between $20 and just under $27 internationally in 2021. The new solution relies on reuse to reduce the amount of process energy required.

Karl Heinz Vaassen

“CASCADE recirculates parts of the process steam in cylinder dryers, enabling genuine, efficient energy recycling within the machine,” explained Karl-Heinz Vaassen, head of Textile Drying at KARL MAYER.

The customer benefits from significantly lower energy costs and CO2 emissions. With a view to the Asian market, a dryer with 14 cylinders and a running time of 7,000 working hours can achieve cost savings of up to $17,000 per year.

Precise, real savings values are available when looking at the machine dashboard. A sensor provides real-time data on the amount of steam circulating in the circuit, from which the corresponding reduction in CO2 equivalents can be calculated.

Utilizing the pressure drop

CASCADE reuses part of the invested process energy and uses the flash-steam in conjunction with the pressure ratios, which — nomen est omen — decrease in cascades in the different zones of the cylinder dryer.

The highest working pressure prevails in the first cylinder section. The heat transfer medium steam emits large amounts of energy for yarn drying and condenses without temperature loss.

The resulting hot condensate is not immediately discharged from the machine, but is instead fed into a flash tank, where vapor exhaust is formed as a result of the pressure reduction. In conventional systems, the carrier medium for gases is only created in the return line towards the boiler house and is eliminated as undesirable. Instead of being utilized in the process, it escapes into the environment. With the CASCADE system, this “freshly recycled steam” is used for the heat supply in the second cylinder section, but not without prior treatment.

In the system patented by KARL MAYER, the recycled steam is intelligently mixed with live steam and thus raised to the level of the required process conditions for use in the cylinder section at the end of the dryer. Here, the fabric moisture is reduced to the desired residual value at medium pressure and temperature conditions.

Market launch is underway

CASCADE was filed for patent by the KARL MAYER GROUP. It was published in September 2023.

The innovative solution at no extra charge was presented at ITM 2024 in Istanbul and was a visitor highlight at the KARL MAYER GROUP stand.

PROSIZE

From January 2024, CASCADE will be part of the PROSIZE® as standard. The first sizing machine with the upgrade for greater energy efficiency will be delivered in the second quarter of this year. It will go to a manufacturer in Europe. In the next step, CASCADE will be integrated into other dryer types and will also be available for the BLUEDYE.

Posted: June 7, 2024

Source: KARL MAYER GROUP

Celebrating The Printing Industry: Record Number Of Deals Signed At drupa 2024

CHICAGO — June 7, 2024 — drupa 2024 exceeded all expectations. It received top marks from visitors from all over the world, who left the trade fair with new ideas and clear prospects for the future. Numerous contracts signed and technological innovations inspired the printing and packaging industry.

drupa 2024, the world’s trade fair for printing technologies, came to a successful close on June 7 after 11 days in Düsseldorf, Germany. It impressively demonstrated the progress of an entire sector and demonstrated the operational excellence of the industry. A total of 1,643 exhibitors from 52 nations presented an outstanding showcase of innovations in the Düsseldorf exhibition halls and inspired the trade visitors with unforgettable performances.  The international share of the visitors was 80 percent, with attendees coming from 174 countries — a record figure. After Europe, Asia was the most strongly represented region with 22 percent, followed by America with 12 percent.

Asia as well as Latin America and the MENA region are markets with great growth potential, which was reflected in the significant increase in exhibitor participation and order books. Many key players, such as Bobst, Canon, Fujifilm, Heidelberger Druckmaschinen, HP, Horizon, Koenig & Bauer, Komori Konica Minolta, Kurz and Landa, reported having signed contracts that significantly exceeded expectations. In some cases, the sales targets set were already achieved in the first few days of the trade fair.

Erhard Wienkamp, Managing Director at Messe Düsseldorf, is highly satisfied with the course of the trade fair: “drupa has underpinned its position as the industry’s leading trade fair and its unique appeal in a remarkable way. The impressive international flair and, above all, the high decision-making competence of the visitors ensured in-depth and well-founded technical discussions at the trade fair stands on the one hand and many direct investment decisions on the other. Our exhibitors told us about large-volume purchase agreements.”

Dr. Andreas Pleßke, Chairman of the drupa Committee, emphasized the exceptional position and relevance of drupa: “drupa stands for new approaches and new technologies like no other trade fair. It is not only the largest, but also the most important global platform for our industry, because the entire printing and post-press industry meets at this the world-leading trade fair. It has been invaluable for generating leads. Nowhere else offers the opportunity to make so many new international contacts from all over the world in such a short space of time in one place.”

Industry decision-makers highly satisfied

Exhibitors praised the high level of decision-making authority of the visitors. They, in turn,  gave top marks to the range of products and services on offer in the 18 exhibition halls. Around 96 percent of all visitors confirmed that they had fully achieved the objectives associated with their visit. More than 50 percent came from the printing industry, followed by the packaging industry, whose share has increased significantly and which was the focus of many exhibitors as a growth driver. Many well-known brand owners were welcomed at the trade fair stands. Overall, 170,000 trade visitors attended drupa 2024.

Digitalization as a determining factor 

Automation took center stage at this year’s drupa, with a strong focus on AI and smart workflows, including software solutions. It became evident  that digital and analogue technologies ideally complement and benefit from each other. Traditional industry leaders presented a wide range of digital solutions, while digital pioneers integrated conventional components into their offerings. Robotics played an important role in the exhibition halls and illustrated the path towards the smart factory.

Transformation and growth

drupa made it very clear that the industry has great potential for the future, even against the backdrop of many challenges and that the prospects are promising. In the last financial year, the global printing industry achieved a turnover of around 840 billion euros (source: Smithers) and continues to develop at varying pace worldwide.

 “At drupa 2024, we experienced firsthand just how relevant and resilient this industry is,” summarizes Sabine Geldermann, director drupa, Portfolio Print Technologies. “The community is determined to set the course for the future together. Exchanging ideas with people from all continents and from all areas of the industry was extremely enriching and inspiring. We were able to welcome around 50 large delegations from various nations, and numerous globally active associations and organizations chose drupa as the ideal setting for their conferences and board meetings.”

Together we are stronger. Many new strategic alliances concluded at the trade fair reflected the opportunities that are only possible in such a concentrated form at drupa: meeting market players from other countries around the world in person, using core competences as synergy effects, forming networks and driving the market forward together

Sustainable technologies in focus 

Technology is the key to achieving sustainability goals — exhibitors at drupa illustrated this with numerous practice-orientated developments and concrete solutions. Top priority is given to resource efficiency and the path to a functioning circular economy. In addition, Touchpoint Sustainability from the German Machinery and Equipment Manufacturers’ Association (VDMA) showcased current state of the art innovations, presented best-practice use cases and gave a far-reaching outlook into the future of a sustainable printing industry.

Valuable knowledge transfer 

The extensive supporting program with its five high-caliber special forums drupa cube, drupa next age (dna) and the Touchpoints Packaging, Textile and Sustainability was very well received. In times of constant change and the resulting new business models, they ensured an intensive transfer of knowledge and provided important guidance. Together with its partners, drupa focused on impressive industry expertise and the future topics of its target groups. Guided tours on various key topics rounded off the trade fair experience.

The next staging of drupa will be in 2028 in Düsseldorf, Germany. For further information on visiting or exhibiting at  drupa 2028, contact Messe Düsseldorf North America; E-mail: info@mdna.com; Visit www.drupa.com and www.mdna.com.

Posted: June 7, 2024

Source: Messe Düsseldorf North America

ITM 2024: Visitors From 94 Countries On The Third day Of The Istanbul Exhibition

ISTANBUL, Turkey — June 7, 2024 — Bringing together the world’s textile technology leaders in Istanbul, ITM 2024 Exhibition has achieved a great success by hosting thousands of visitors from 94 countries in its first 3 days. Professional visitors and investors from countries such as Sri Lanka, Uruguay, Peru, Trinidad and Tobago, Rwanda, Mauritius, Mongolia, Tuvalu, Taiwan, Singapore, Rwanda, Mauritius, Mongolia, Tuvalu, Taiwan, Singapore once again demonstrated the global attraction power of the exhibition.

Organized by Teknik Fuarcılık A.Ş. and Tüyap Tüm Fuarcılık Yapım A.Ş. in partnership with TEMSAD, ITM 2024 International Textile Machinery Exhibition opened its doors to its visitors on 4 June. Hosting the innovative technologies of textile technology leaders, ITM 2024 Exhibition offered unique opportunities to exhibitors by providing an excellent platform for world launches and new collaborations. ITM 2024 Exhibition attracted attention with thousands of visitors from 94 countries who flocked to the exhibition to see the innovations in the field of textile technologies from the first day. ITM 2024 Exhibition, which hosts visitors from a wide geography from Asia to Europe, Africa to America, Middle East to Turkic Republics, is preparing to break new records with both the number of exhibitors and visitors and the diversity of countries.

ITM 2024 Exhibitors Satisfied with Country Diversity

Organising ITM 2024 in Istanbul provided an ideal environment for global collaborations by increasing visitor diversity. While Turkey stands out as an important market in the textile industry, this diversity further reinforced the strategic importance of the exhibition. Exhibitors welcomed visitors from all over the world during the exhibition and expressed their satisfaction for meeting their customers from countries that cannot go to exhibitions in Europe due to visa problems at ITM 2024 Exhibition. Many company executives said that they hosted visitors from countries such as Pakistan, India, Bangladesh, Bangladesh, Egypt and Iran, realised machinery sales and signed strong collaborations since the first day of the exhibition

Posted: June 7, 2024

Source: Tüyap Tüm Fuarcılık Yapım A.Ş. and Teknik Fuarcılık A.Ş.

TextileGenesis, The Textile Traceability Platform, Joins Forces With The Forest Stewardship Council® (FSC®)

PARIS  — May 30, 2024 — TextileGenesis, offers a pioneering platform for fashion and textile players to ensure the traceability of the materials they use. The Lectra Group company today announced a major new collaboration with the Forest Stewardship Council (FSC®). It will enable the implementation, via the TextileGenesis platform, of new solutions to ensure the traceability of cellulose fibers from responsibly managed forests.

In fashion, many textiles such as viscose, lyocell and modal use man-made cellulose fibers. These fibers are themselves made from wood pulp, the production of which can contribute to deforestation.

Founded in 1994, FSC is an international NGO whose mission is to promote responsible forest management worldwide. In particular, the organization offers certification for products and raw materials which have been obtained from wood grown in responsibly managed forests, and comes from supply chains where social rights of workers, communities and indigenous peoples have been safeguarded.

Amit Gautam, founder and CEO of TextileGenesis, explained: “We’ve already been working with Man Made Cellulosic Fiber Producers for several years to facilitate, thanks to our blockchain-inspired technology, the traceability of fibers manufactured by the most virtuous producers, and we’ve integrated their analysis criteria into our platform. By also becoming an FSC® partner today, we’re taking things a step further. This new collaboration will support companies in the traceability of FSC certified fibers and support the administration and data management of FSC Chain of Custody certification. All players in the value chain will benefit from increased transparency and much more reliable upstream data. Fashion brands will be able to demonstrate much more easily that their garments use textiles made from responsibly sourced man-made cellulose fibers.”

Fabian Farkas, FSC International chief commercial director, added: “We are seeing a rapid increase in interest in FSC certification from the textile industry, marking a very positive trend. Through this collaboration with TextileGenesis, we aim to simplify the administrative part of FSC certification for companies within the textile supply chain by automating many required data processes. Our goal is to empower brands to identify opportunities for seamless progress in meeting their FSC procurement policies.”

Following the signature in October 2023 of a memorandum of understanding with the International Cotton Association (ICA) and the launch last January of two consortiums with footwear and leather players, and more recently the announcement of its partnership with the Aid by Trade Foundation (AbTF), the initiator of The Good Cashmere Standard® (GCS), TextileGenesis confirms, with this new collaboration with the FSC, its central place in the ecosystem of players mobilizing for more sustainable and responsible fashion.

Posted: June 7, 2024

Source: TextileGenesis, a Lectra company

JLA Home Expands Leadership With Industry Veteran Brett Rife To Lead New Hospitality Division

CHICAGO — June 6, 2024 — JLA — a supplier of textiles, décor and furniture — is thrilled to announce the addition of Brett Rife as president of Sales and Divisional Leader of Hospitality. Reporting directly to CEO Edmund Jin, Rife will spearhead the company’s efforts to build and grow its presence in the hospitality sector. Jin commented, “Brett’s extensive experience in textiles and hospitality, along with his deep product knowledge and esteemed industry reputation, make him the ideal choice to lead this new venture.”

The hospitality industry has long been a target for many textile companies. JLA is uniquely positioned to thrive in this space thanks to its established businesses and robust e-commerce platform. Rife will oversee the Hospitality division, acting as a conduit to all avenues of hospitality, from international brands to small independent hotels, and the distribution networks that serve them. He will also explore innovative ways to integrate hospitality with JLA’s other businesses. Extending into the hospitality category is a natural progression for JLA. “We are excited to have Brett Rife join the JLA Home family to build and lead this new division with the strong backing of JLA’s financial and sourcing capacity. We will give 100% support to ensure its success,” said CEO Edmund Jin.

Rife brings nearly 25 years in textiles and 23 years in hospitality to his new role, having most recently served as VP of Sales for Keeco. He successfully led the hospitality division through Keeco’s merger with Hollander in late 2022. Additionally, Rife has been an active board member for the Home Fashion Products Association (HFPA) and Chairman of the American Down and Feather Council (a subsection of the HFPA). Rife remarked, “The hospitality industry is dynamic, showing resilience and growth across various product categories as it recovers from the pandemic. There are numerous unexplored intersections between hospitality and retail, institutional, healthcare, e-commerce, and more. I look forward to exploring these avenues with JLA.”

Continuing to be based in Chicago, Rife will collaborate with JLA’s global offices to develop the business. He expressed his enthusiasm, stating, “Joining JLA combines my passions for product development and knowledge, with the opportunity to deepen relationships with industry experts and leaders. JLA’s innovation and growth across categories are impressive, and I am excited to join their journey.”

Posted: June 6, 2024

Source: E&E Co., Ltd (DBA JLA Home)

HanesBrands Signs Agreement To Sell Global Champion business To Authentic Brands Group

WINSTON-SALEM, N.C. — June 5, 2024 — HanesBrands (HBI), a global supplier of iconic apparel brands, today announced that it has entered into a definitive agreement to sell the intellectual property and certain operating assets of the company’s global Champion business to Authentic Brands Group (Authentic) for a transaction value of $1.2 billion, with the potential to reach up to $1.5 billion through an additional contingent cash consideration of up to $300 million based on achievement of performance thresholds.

This agreement, which has been unanimously approved by the HanesBrands board of directors, is the successful conclusion of the company’s previously announced evaluation of a range of strategic options for the global Champion business.

HanesBrands has made significant progress in recent years to reignite its innerwear business, increase market share, attract younger consumers, and strengthen its operating model. Upon completion of the transaction, the Company intends to focus on extending its leadership position in the innerwear category and generating above-market growth through continued consumer-centric product innovation and increased investment across its portfolio of leading brands, including Hanes, Bonds, Maidenform and Bali.

Bill Simon, chairman of the board, said: “Following a thorough review of options for the global Champion business with the support of our financial and legal advisors, we are pleased to have reached this agreement with Authentic Brands Group that we believe maximizes value for Champion and best positions HanesBrands for long-term success. Importantly, we believe this transaction will enable the Company to accelerate its debt reduction while positioning HanesBrands to deliver consistent growth and cash flow generation through a focused strategy on advancing its leading innerwear brands and optimizing its world-class supply chain.”

Steve Bratspies, CEO, said: “Today’s announcement is the culmination of significant effort by our teams to position all of our brands on the optimal path for the future. Over the past three years, we have taken necessary actions to enhance the Company’s operations and financial performance — returning to historical gross margins, reducing our cost structure, lowering our debt levels, and generating consistent cash flow. The successful completion of this transaction further simplifies our business, deleverages our balance sheet and enhances the Company’s operations and financial performance. As we begin the next chapter for HanesBrands, we believe we’re in an even stronger position to further extend our leadership in innerwear, pursue new cost reduction opportunities as we ensure we have the right operating structure in place, and advance our multi-year flywheel to drive strong shareholder returns.”

Transaction Details and Use of Proceeds

The transaction remains subject to customary closing conditions and is expected to be completed in the second half of 2024. Subsequent to the closing, HanesBrands will provide certain transition services for Champion, including operating the business in select regions through a transition period.

HanesBrands expects net proceeds from the transaction of approximately $900 million, including working capital adjustments and other customary transaction costs and excluding the contingent cash consideration. In line with HanesBrands’ commitment to debt reduction, the Company will utilize all net proceeds from the transaction to accelerate its reduction of debt and expects meaningful deleveraging on a net debt-to-adjusted EBITDA basis.

On a trailing 12-month basis as of the end of the first quarter 2024, the global Champion business generated approximately $75 million of adjusted EBITDA, which is net of approximately $60 million of stranded costs. The company has specific plans to remove all stranded costs within a year of the transaction closing as it completes the transition of the business.

The Company intends to classify Champion as discontinued operations in the second quarter of 2024 and as a result, expects to update its full-year 2024 guidance in conjunction with the release of its second-quarter earnings results.

Advisors

Goldman Sachs & Co. LLC and Evercore are serving as financial advisors to HanesBrands, and Kirkland & Ellis LLP and Jones Day are serving as its legal advisors.

Posted: June 6, 2024

Source: HanesBrands (HBI)

Jaanuu Appoints Michael Alexander As New CEO: The Brand Enters Its Next Phase In The Premium Medical Apparel Space

LOS ANGELES — June 5, 2024 — Pioneering medical apparel brand Jaanuu has appointed Michael Alexander as its new CEO. Alexander brings more than fifteen years of leadership experience and a proven track record to Jaanuu as the company moves into its next phase of growth.

JAANUU’s newly appointed CEO Michael Alexander brings a sharp focus on product evolution that’s healthcare-professional centric, a company culture that empowers employees and unwavering customer satisfaction. Photo – Business Wire

In the last decade, Jaanuu has earned its reputation as a disrupter in the fast growing, multi-billion-dollar medical apparel market. The company’s focus on fashionable styles has resulted in a product line with exceptional fit, fabrics and functionality.

In his new role, Alexander will focus on primary objectives including product evolution that’s healthcare-professional centric, strengthening company culture by empowering employees and unwavering customer satisfaction.

“Jaanuu has made tremendous strides in its first ten years and I’m humbled by the opportunity to lead such a strong brand,” Alexander said. “We’re excited to build on that momentum and further leverage the advantage we have of being a physician-founded company. That gives us a unique understanding of what healthcare professionals need while working with patients.”

Alexander comes to the Los Angeles-based company after serving as president of Next Level Apparel (NLA), a wholesale producer and seller of premium quality blank apparel. At NLA, he provided leadership to sales, marketing, and product management, with a focus on implementing strategic initiatives that delivered a cohesive, cross-functional go-to-market approach aimed at growing the company’s top line. Previously, he was executive vice president at Careismatic Brands Inc. where he worked for more than 10 years in various leadership roles responsible for profitable revenue growth across all channels.

Shaan Sethi who co-founded Jaanuu along with his sister, Dr. Neela Sethi, helped lead the search for his successor and remains on the company’s board.

“It’s been an amazing journey for Jaanuu and I couldn’t be more excited for Mike to take the company even further,” Sethi said.

Jill Granoff, senior advisor of Eurazeo and lead investor said, “Shaan has been instrumental in building the brand and we’re confident Mike’s leadership, vision and strong connections in the apparel space will elevate Jaanuu to even greater heights.”

Alexander graduated with an MBA from Loyola Marymount University in Los Angeles, after earning his bachelor’s degree in business administration from National University in La Jolla, Calif.

 Posted: June 6, 2024

Source: Jaanuu

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