Indorama Ventures Reports Improved Quarterly Performance; Progresses Its IVL 2.0 Plan To Emerge Stronger From The Industry Downturn

BANGKOK, Thailand — May 10, 2024 — Indorama Ventures Public Co. Ltd. (IVL), a global sustainable chemical producer, reported an improved quarterly performance as the prolonged destocking trend showed further signs of easing. During the quarter, the company progressed its IVL 2.0 evolved strategy to enhance earnings quality and transform its business to emerge stronger from the downturn in global chemical markets.

Indorama Ventures’ reported Adjusted EBITDA1 [1] of $366 million in 1Q24, a 32% increase QoQ and a 2% decline YoY. Sales volume grew 3% QoQ as the widespread customer destocking that sapped demand through 2023 shows signs of a gradual recovery across all sectors, partially offset by a winter freeze in the U.S. The result was supported by lower utilities costs in Europe, Red Sea-related supply chain disruptions that benefited the company’s import parity advantages, and favorable shale gas economics that bolstered profitability in the U.S.

Indorama Ventures expects the recovery in volumes to continue through 2024, albeit at a gradual pace as destocking normalizes and the approaching summer supports demand. However, the overall landscape for the global chemical industry remains challenging due to excess capacity builds, as well due to persistent inflation and high interest rates which weigh on industry spreads and continue to impair profitability, especially across the polyester value chain. Our HVA segment ‘Indovinya’ is progressing well into the second quarter post the easing of destocking and anticipating a healthy 2024.

The company’s experienced management remains intensely focused on managing costs, optimizing competitiveness, and maintaining high liquidity. Indorama Ventures’ diverse geographical footprint is a key advantage in the current low-margin environment, allowing its businesses to maintain their strong market premium, supported by protection from trade and non-trade barriers.

In 1Q, the company made headway with its IVL 2.0 three-year plan to leverage its global leadership position and forge a new era of opportunity amid significant structural changes in chemical markets. Under the evolved strategy, which the company outlined at its annual Capital Markets Day in March, Indorama Ventures is optimizing assets, reducing debt, and focusing on generating free cash flow to deliver enhanced shareholder returns. Today, 70% of the company’s revenue has deployed the SAPS/4HANA ERP and is using the infrastructure to enhance digital procurement, sales excellence, and integration of supply chains across the business. The company believes these AI tools will improve productivity and costs, as well as release working capital in line with its modernization strategy.

Mr. Aloke Lohia, Founder and Group CEO of Indorama Ventures

Aloke Lohia, Group CEO of Indorama Ventures, said, “The first quarter of 2024 marked a new era for Indorama Ventures as we saw a modest recovery in demand and embarked on our IVL 2.0 plan with renewed vigor as a significant pivot in our business strategy. After a period of introspection in 2023, we are encouraged by the gradual easing of destocking in 1Q, but we are under no illusions about the challenges that still confront the industry. We continue to double down on managing costs and improving competitiveness. As we take the first steps in implementing our evolved strategy, I expect that our cautious optimism will gather pace through 2024 as we continue to see volumes recover.”

As part of IVL 2.0, the company is optimizing 7 sites, including the ongoing evaluation of its PTA/PET operation in the Netherlands. It has also made significant progress in its program to refinance $1.1 billion of debt within the first half of 2024 to ensure ample liquidity. Recent capital raisings include a $255 million ‘Ninja loan’, a THB 10 billion debenture, a $100M bi-lateral loan, and this week’s successful close of a $500 million syndicated loan – achieved at lower-than-average spreads compared to previous issuances.

To unlock value, Indorama Ventures is preparing its packaging and surfactants businesses for IPOs. From 1Q24, the Indovinya segment (previously named ‘Integrated Oxides and Derivatives’) is focused on developing its attractive downstream surfactants operations as a separate segment. The segment’s Intermediate Chemicals business, consisting of shale base integrated Ethylene MEG, MTBE and merchant Purified EO assets, have been moved under the Combined PET (CPET) segment where they are a natural fit.

Segment Performances

In 1Q24, CPET segment (including Intermediate Chemicals) posted Adjusted EBITDA of $249 million, a 34% gain QoQ and 4% YoY as supply chain disruptions and a consequent spike in global ocean freight rates supported high prices and margins, and as Western markets benefited from lower energy costs. The Indovinya segment reported a stable Adjusted EBITDA of $70 million, impacted by the winter freeze in the U.S and a mini turnaround at a PO/PG plant. The Fibers segment achieved a remarkable 73% increase in Adjusted EBITDA to $39 million QoQ, and 2% YoY, as destocking waned across all three business verticals and drove an 8% QoQ increase in volume.

[1] Adjusted financials are before inventory gain/(loss) and extraordinary items. Details are given in the Management Discussion and Analysis (MD&A)

Posted: May 10, 2024

Source: Indorama Ventures Public Company Limited (IVL)

Kornit Digital Set To Feature New Business Growth Opportunities For Commercial Printers At drupa 2024

ROSH HA’AYN, Israel — May 8, 2024 — Kornit Digital Ltd. — a worldwide market supplier of sustainable, on-demand digital fashion and textile production technologies — announced today the company is spotlighting at drupa 2024 the significant new business opportunities now made possible by digital garments — unlocking unlimited business growth and new revenue streams for any graphic design or print-on-demand business. From May 28-June 7 at Hall 4/B35 in Messe Düsseldorf, attendees will see Kornit’s holistic on-demand portfolio — enabling commercial printers to boost revenues, drive margins, and significantly expand offerings by embracing direct-to-garment technology.

As the direct-to-garment marketplace rapidly shifts towards on-demand models, digital production seamlessly aligns with existing commercial printer operations. Digital textiles integrate easily with already existing production workflow expertise, enabling lucrative growth opportunities for commercial printers given the high margin nature of garment printing.

Alongside its vibrant drupa 2024 technology showcase, the Company is additionally offering an invitation-only VIP tour of its new Experience Center located in Düsseldorf — demonstrating real-world success customers are experiencing today with Kornit’s on-demand, sustainable digital production technology. Exclusive tours and customer engagements will feature presentations by Kornit senior leadership and customers — showcasing how companies can most effectively build revenues leveraging Kornit direct-to-garment and direct-to-fabric technology.

On display at the Kornit Experience Center is the breakthrough Kornit Apollo direct-to-garment platform for high-throughput, automated digital textiles, allowing producers to shorten lead times, improve margins and build new business channels in short-to-medium run production. Fueled by a proprietary automation system, the platform integrates smart drying, concurrently managing multiple garment types with an ability to produce up to 400 garments per hour. Based on patented Kornit MAX technology, the solution is already producing real-world results at some of the world’s leaders in custom apparel, including Mad Engine Global and Augusta Sportswear.

Also featured at the Experience Center is the Atlas MAX PLUS, offering increased productivity of up to 150 garments per hour. Featuring Smart Curing, Rapid Size Shifter pallets and autonomous calibration, the solution takes smart production to new heights with production flexibility, consistency, and the highest quality. The company will also highlight the Kornit Presto MAX for next-generation digital fabric decoration on demand. The enhanced solution offers breakthrough capabilities for transforming virtual concepts into brilliant custom fabrics — supplementing best-in-class digital efficiency and quality with industry-first brilliant white printing on colored textiles.

Featured at the drupa exhibition is the Atlas MAX POLY with integrated Kornit Orion Smart Dryer — proven to drive growth across print-on-demand businesses. The solution is rapidly transforming professional and recreational sportswear, teamwear and licensed gear, and is the most efficient specialty system for polyester decoration — covering blends, tri-blends, and other synthetic fabric combinations. Pushing the limits of design, it delivers vibrant prints using innovative neon inks while supplying retail-grade quality and durability.

Taking pixel-to-parcel garment delivery to new heights is the KornitX Global Fulfillment Network, designed to optimize operational efficiency, eliminate supply chain bottlenecks, and ensure products are readily available to meet customer demands. The solution connects brands, retailers, and digital platforms to a high-quality production network — providing rapid replenishment and trend adaptability for direct-to-garment production. Revolutionary pixel-to-parcel monitoring and control fully integrates the end-to-end workflow for a seamless experience.

To experience the endless possibilities and new business growth made possible by the world of digital garments, don’t miss Kornit Digital at drupa 2024. The future of digital production is here at Hall 4/B35 at the world’s largest print expo.

Posted: May 9, 2024

Source: Kornit Digital LTD.

Indorama Ventures Achieves ‘AA’ Rating From MSCI For Its ESG Journey

BANGKOK  — May 9, 2024 — Indorama Ventures Public Co. Ltd., a global sustainable chemical company, announced that MSCI awarded the company an upgraded ‘AA’ from ‘A’ rating, ranking it in the ‘Leader’ category for its Environmental, Social, and Governance (ESG) performance towards achieving its ongoing sustainability goals and commitments.

Morgan Stanley Capital International (MSCI), a leading provider of research-driven indices and analytics, ranked Indorama Ventures among the top 12 percent of 57 global companies in the commodity chemicals sector. This upgraded rating illustrates Indorama Ventures’ performance to exceed industry peers while minimizing its environmental footprint.

Yash Lohia

Yash Lohia, chairman of the ESG Council at Indorama Ventures, said: “We are immensely proud of our upgrade to an ‘AA’ MSCI ESG rating, which not only highlights our dedication to sustainable operational excellence but also aligns with our purpose of reimagining chemistry together to create a better world. This recognition is a testament to our unwavering commitment to environmental stewardship, ethical governance, and social responsibility.”

The MSCI ESG Ratings play a pivotal role in guiding investor decisions and offer insights into how well companies address key long-term ESG risks and opportunities compared to their industry peers. These ratings range from AAA (highest) to CCC (lowest), providing a transparent, data-driven benchmark that helps guide investment decisions based on sustainability criteria.

Posted: May 9, 2024

Source: Indorama Ventures Public Company Limited (IVL)

Full Speed Ahead For Durak Tekstil: Turkish Developer Of Industrial Sewing And Embroidery Threads

BURSA, Turkey — May 9, 2024 — Durak Tekstil, Turkish developer of industrial sewing and embroidery threads, is currently making plans for a new and expanded factory at its base in Bursa, as well as opening a regional office in North America next year.

A continuous focus on R&D and the launch of some very highly-differentiated products is driving the success of this third-generation family-owned company which was initially founded in 1971 to provide Turkey with fishing net twine — at that time 100 percent imported.

Durak then expanded into the production of rayon and polyester embroidery threads before successfully diversifying into a wide range of niche and specialized markets, while growing an international customer base. This growth has been accompanied by continuous investment in the latest advanced production technologies.

Yigit Durak: “Research and development remains the bedrock of our business.”

“We now manufacture around 350 separate products and our portfolio is constantly being updated,” said Yigit Durak, third-generation member of the company’s board, who brims with enthusiasm when detailing his company’s developments. “It’s our focus on research and development which I believe really sets us apart as a company. Deep know-how of the technical possibilities of our machines and processes is enabling us to continue to bring new products with advanced functionalities to the market.”

Centreless Duma

Among winning products is Duma®, a centreless pre-wound under-bobbin made from strong continuous polyester filaments which is available in various sizes and thanks to careful selection of raw materials and the use of unique lubrication methods retains its exact tension from beginning to end.

Duma® centreless pre-wound under-bobbins hold more yarn to significantly reduce machine down times.

“The precise winding method with Duma keeps the variation in length to under one degree, so that a bank of bobbins can be changed at precisely the same which enables very concrete savings to be made,” Durak explained. “Because of the lack of center and the compaction of the yarn, we get three times the amount of product on each bobbin and the result is a high reduction in the times required for changes. We have calculated that over the course of a shift, this is achieving what could normally be produced on twelve advanced machines with just ten.”

Working on a similar principle is the Duraless® hollow core thread, and both have a melting points of 260ºC and soften at between 220-240ºC. A very high heat tolerance is achieved compared to conventional sewing threads when the shrinkage rate at 150ºC is calculated to be less than 1%. The threads show high resistance to most mineral acids, are unaffected by bleaching and micro-organisms and do not deteriorate in washing and dry cleaning.

Functionality

Other innovations focus on functionality, including the new SilverPro conductive thread for smart textiles and wearable technologies, luminous Milky Way, Redolent scented thread, the Fire-Safe range of meta-aramids and para-aramids and the Cut Safe range manufactured from various combinations of UHMWPE, glass fibre and elastane.

“Despite many obstacles in 2023, we managed to grow the business and this year anticipate further growth of around 30% and now export to over 100 countries,” Durak noted in conclusion. “Research and development remains the bedrock of our business and our entire 300-strong team in Bursa holds regular brain-storming sessions to fully explore new concepts and ideas. The success stories are fully certified and patented prior to launch and today approximately 20-25% of our total turnover is provided by technical threads. This will only increase in the future.”

Posted: May 9, 2024

Source: Durak Tekstil

Milliken & Company Developing Flame-Resistant Fabrics For Artemis Astronauts

SPARTANBURG, S.C. — May 9, 2024 — Global diversified manufacturing leader Milliken & Company announced it is working to design and manufacture flame-resistant (FR) undergarment fabric for NASA’s Artemis missions. Artemis III will be the first U.S. crewed Moon mission in more than 50 years, planned for launch no earlier than 2026.

Milliken is collaborating with global professional services firm Jacobs through the JSC Engineering, Technology & Science (JETS) II contract with NASA to develop a next-to-skin textile that will be used in the clothing worn while astronauts operate space vehicles during the lunar landing mission.

NASA is working with U.S. industry to develop the Human Landing System (HLS) to take astronauts to the lunar surface as part of the Artemis campaign. HLS vehicles will operate in environments with increased flame-resistant requirements due to elevated oxygen levels that increase the risk of fire. Milliken was selected as the supplier to develop and manufacture flame-resistant fabrics.

“Milliken views this project as an opportunity to support an American commitment to further space exploration, science and research that will positively impact future generations,” said David Smith, executive vice president at Milliken and president of Milliken’s Textile Business. “We are proud to do our part to help keep NASA astronauts safe during the Artemis missions.”

The first phase of the project began in the summer of 2023 and focused on manufacturing planning and material evaluation. Milliken leveraged its FR, knitting and finishing expertise as well as its chemical analysis, material testing and its Rapid Prototype Center capabilities to complete a comprehensive analysis of NASA’s historic materials.

“This project feels tailor-made for Milliken — it’s the perfect marriage of the FR capabilities of our Westex® brand and the knit fabrics expertise from our Polartec® brand,” said Ramesh Kesh, senior vice president of Milliken’s Textile Business. “Combine that with our manufacturing excellence and deep bench of patented research scientists and we feel incredibly aligned to support NASA on this development.”

In the project’s second phase, Milliken and Jacobs are finalizing prototypes and manufacturing the new textile for final delivery to NASA. This phase is expected to be complete by fall 2024.

Posted: May 9, 2024

Source: Milliken & Company

KM Fabrics Writes Its Next Chapter By Investing In A New West Greenville Mill

GREENVILLE, S.C. — May 8, 2024 — After 45 years at 2 Waco Street in West Greenville, KM Fabrics, a maker of fine woven velvets for drapery, upholstery, wrapped panels and specialty applications, is relocating. KM will move to its new home a few miles away, at 105 Wood Street, by late 2025. The 15-acre property, including a 200,000 square-foot building, will house manufacturing and corporate headquarters.

“Weaving and dyeing velvet fabrics is extremely difficult and requires specialized knowledge,” said Paul Tantillo, KM president & CEO. “We’ve created a skilled and diversified workforce with decades of experience and it was important for us to keep our team intact. Staying in West Greenville promotes revitalization in our community and allows us to scale. We will be moving our team of over 100 employees and also plan on hiring additional staff across the board.”

The new facility will feature additional equipment and a streamlined layout, operating on one level instead of two, for better safety, quality control, and efficiency. Tantillo noted the new location will be more comfortable, private, and secure, promoting an outstanding work environment. Seeking to avoid production disruptions, staff will be working in both the current and new mills until the move is complete.

“We love being in Greenville and this is why KM Fabrics is writing its next chapter here,” Tantillo said. “We’re investing in sustainable manufacturing to ensure our operations remain within regulatory guidelines. At the same time, we’re increasing our capacity to maintain our high production standards for our core clients in the theater business as well as new opportunities in other markets.

Marsh Bell Construction Co. will handle on-site construction and renovation, working with GPN Architecture and Isomer Project Group on engineering. Chris Schweighart of Aline Capital brokered the sale, with Park National Bank in Spartanburg providing financing.

Posted May 9, 2024

Source: KM Fabrics

Michelman Fiber Sizing Line Added To IACMI – The Composites Institute Collaboration Facility

KNOXVILLE, Tenn. — May 8, 2024 — IACMI – The Composites Institute, in partnership with Michelman, a global manufacturer of advanced materials, is pleased to announce the addition of a state-of-the-art fiber sizing line to the IACMI Collaboration Facility in Knoxville, Tenn. The 70-foot, modular system is designed to apply a variety of “fiber sizings,” a very thin chemical coating that serves multiple benefits in manufacturing. This process is an essential step in making composites lighter, stronger, and more versatile.

This unique equipment helps provide a faster path from research to commercialization, according to IACMI’s Chief Technology Officer Dr. Uday Vaidya, who serves as the University of Tennessee – Oak Ridge National Laboratory (UT-ORNL) Governor’s Chair in Advanced Composites Manufacturing.

The new Michelman fiber sizing line helps provide a faster path from research to commercialization for IACMI members, according to IACMI’s Chief Technology Officer Dr. Uday Vaidya

“I am both grateful and excited to have this line commissioned to benefit multiple stakeholders in the composites ecosystem we’ve built between IACMI, ORNL, UT, and industry,” Vaidya said. “We’re not only researching and developing sustainable composites innovations. With the Michelman line, stakeholders can customize their constituent materials for a tailored fiber-matrix interface, which is key to the properties / performance of the composite.”

Ohio-based Michelman manufactures chemical solutions for agricultural and architectural coatings, digital printing, packaging, and advanced composites for automotive and aerospace. Michelman’s equipment enables hands-on training for next-generation engineers and is the culmination of many years of collaboration with IACMI.

“As a leading global supplier of sizing and surface treatments, Michelman is proud to support this collaboration between industry, government, and academia,” said Steve Bassetti, a director of Global Marketing at Michelman. “With our purpose of Innovating a Sustainable Future, we are eager to invest in the success of the future workforce. By enabling students to apply classroom knowledge to real world applications, we hope to accelerate students’ learning curves and fuel their passion to join the workforce within the composites industry. Who knows, perhaps some of these students will lead the way in developing the next generation of sustainable composites!”

A fiber sizing is a thin coating of a custom chemical formulation applied to the fiber to serve several functions. Benefits of sizings include protecting fibers from breaking during manufacturing and tailoring the properties of the surface to maximize the interfacial properties between the fiber and the polymer matrix, while also allowing the fiber format to be used or consumed in the multiple types of composite manufacturing processes.

Initial work is underway developing sizing solutions for standard and wide tow carbon fiber, but there are far more fibers and reinforcements to explore. “For example, we’re still scratching the surface on what we can do with natural fibers like hemp, flax, and coir to name a few,” Vaidya said. “Sky’s the limit for innovations in sizing development.”

This sizing line was custom-built by Izumi International Inc. out of South Carolina. The line has unique features. The modularity of its design allows it to be used for fiber feed, fiber spread measurement, fiber damage assessment, conditioning in-line ovens/heaters, tension guides, wet baths, and a range of other custom features. One of its key benefits for stakeholders is being able to offer high-value applications by differentiating fibers and resin offerings based on custom sizing. Potential customers or industries benefiting from this line are broad, ranging from material suppliers, OEMS, Tiers, parts manufacturers and small companies. The line is also ideal for continuous R&D for emerging chemistries, such as bio-based polymers and other feedstocks that provide more sustainable options.

Vaidya noted that sizing solutions for the aerospace market have typically focused on carbon fiber that’s compatible with thermoset epoxy and polyurethane resins. Now with more focus on sustainability and making composites more recyclable, there’s a lot of interest in fiber sizing options that are compatible with thermoplastic resins. Developing options for a broader family of fibers and resins can provide custom solutions for infrastructure, marine, wind, aerospace, defense, sporting, and healthcare sectors.

Posted: May 8, 2024

Source: IACMI – The Composites Institute

The Third Tashkent International Investment Forum Showcases Uzbekistan’s Investment Potential After $26.6 Billion In Agreements Successfully Signed

TASHKENT, Uzbekistan — May 8, 2024 — The Ministry of Investment, Industry and Trade of the Republic of Uzbekistan is delighted to share the strong results of the third Tashkent International Investment Forum that took place May 2-3, 2024.

This year, The Forum was attended by a record number of participants: more than 2,500 from 93 countries around the world. Within the framework of the Forum, agreements were signed totaling $26.5 billion, which is 141.8 percent higher than the results of last years’ Forum ($11 billion).

Agreements were signed in various sectors: from renewable energy and digital technologies to textiles and agriculture, among others.

The largest agreement was signed with ACWA Power (Saudi Arabia) and involves the construction of wind power plants capable of generating power to around 4.5 million houses in Uzbekistan per year. This project is worth $4.85 billion.

Moreover, agreements were signed on the implementation of the following investment projects:

  • “Data Volt” (Saudi Arabia): construction of urban infrastructure in “New Tashkent” with total project amount of $1 billion, as well as a data center amounting $3 billion.
  • “Amea Power” (UAE): wind power station project with a capacity of 1000 MW in the Republic of Karakalpakstan, totaling $1.1 billion.
  • “Saudi Tabrid” (Saudi Arabia): heating system modernization projects in Nukus, Fergana, and Kuvasay totaling $750 million.
  • “Nil Shugar” (Egypt): sugar beet cultivation and production project in the Jizzakh region totaling $500 million.
  • “Shanghai Knud International” (China): textile and sewing production in Namangan region totaling $205 million.
  • “Wilmar International” (Singapore): food production project in Tashkent region totaling $200 million.

In addition, agreements were reached at the Forum with a number of major global companies, such as “Orascom Investment” (Egypt), “Sayar” (USA), “Goldwind”, “Sinoma” (China), “Sam Yapi” (Turkiye), “Pasha Development” (Azerbaijan) “Lasselsberger” (Austria) and “Petrosat Chexelsoton” (Iran)

Also, as a result of the Forum, an agreement was signed with the International Islamic Trade Finance Corporation (ITFC) for the implementation of the “Trade Connect Central Asia+” (TCCA+) program, aimed at significantly increasing the volumes and shifting the structure of trade between the countries of Central Asia and Azerbaijan. The ITFC’s mandate for the implementation of this program amounts to $2.5 billion. The project’s ultimate objective is to increase the share of regional exports of non-mining and non-oil-and-gas products among the six countries of the region to 23 percent within 5 years.

Following the Forum’s results, the Minister of Investment, Industry and Trade of Uzbekistan, Laziz Kudratov, remarked: “In three years of holding The Forum, this year’s event has been the most successful — and the level of discussion as well as the quantity and value of signed agreements showcase this. Also, most importantly, the opening speech of the President of Uzbekistan, which began the Forum, confirmed to existing investors in the country the wisdom of their decision, and served to persuade potential investors of the compelling attractiveness of the New Uzbekistan: the big country with big opportunities. We are open to cooperation and look forward to welcoming investors — for whom we are creating a positive environment in which they can create value for their businesses and for the people of Uzbekistan”.

Posted: May 8, 2024

Source: The Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

Possenia + bluesign — First Swiss Cycling Brand To Launch bluesign® Product

ARZIER-LE MUIDS, Switzerland — May 8, 2024 — Possenia, a trailblazing newcomer in the cycling industry, proudly announces a groundbreaking achievement: it is Switzerland’s first cycling brand to introduce the bluesign® PRODUCT label, marking an important milestone in sustainable cycling apparel in Europe. These environmentally conscious, premium cycling essentials are now available on Digitec Galaxus as well as directly through Possenia’s own website.

As a brand committed to premium quality, innovation and sustainability, Possenia has risen above traditional industry barriers to obtain bluesign PRODUCT certification for a large proportion of its product range, aiming to bring the remaining portion into its bluesign PRODUCT ranges by 2025. This milestone underscores Possenia’s unwavering dedication to revolutionizing the cycling industry with environmentally responsible practices and options.

“At Possenia, we are driven by a passion for sustainability and a desire to push the boundaries of what’s possible,” said Possenia CEO and co-founder, Melissa Vostriakova. “Being the first Swiss cycling brand to offer bluesign PRODUCTs is a testament to our commitment to creating a happier, more sustainable future for all.”

The bluesign PRODUCT label represents the gold standard in responsible production, ensuring that every aspect of manufacturing meets strict chemical, environmental and worker safety criteria. By partnering with bluesign technologies, Possenia ensures that its products are made with the utmost care for both the planet and its inhabitants.

Possenia stands out not just for its innovative ethos and ethical manufacturing, but also for the exceptional quality and accessibility of its products. Their bluesign PRODUCT range of cycling essentials, epitomizes this commitment, offering conscientious cyclists a compelling choice. Crafted from fabrics trusted to be put on the shoulders of grand tour winners, these garments combine premium performance with ethical integrity, catering to individuals who demand excellence in both their gear and their principles.

“Our vision is to create responsible cycling wear that is accessible to all to drive a shift towards a more sustainable cycling industry. Sustainability must absolutely not only be prohibitively priced if we as a society truly want to pave the way for a better future. Sustainability must become both the default option and be affordable rather than just another luxury option on the market for those who can afford it,” said Michael Kenyon, executive member of Possenia’s Board of Directors.

Possenia’s cycling range incorporates almost exclusively bluesign APPROVED recycled and commercially biodegradable fabrics as well as bluesign® APPROVED trims and finishes. A critical component of Possenia’s approach, in collaboration with bluesign® Technologies is strict chemical management, a cornerstone of impact reduction.

CEO of bluesign Technologies, Daniel Rufenacht, said: “many sport enthusiasts, like cyclists, spend a great deal of their lives outdoors and have a deep connection to their environment. Possenia understands this and has aligned its key values with what’s really important for us as a society: the long-term health of our planet. When it comes to chemical management, we know that chemicals represent more than 20 percent of industrial water pollution and around 25 percent of chemicals used globally are attributed to the textile industry. It’s one of the most critical levers in sustainability.”

The availability of Possenia’s bluesign PRODUCT styles on Galaxus signifies a significant step forward in making sustainable, premium cycling apparel accessible to wider reaches of the Swiss market. From on-the-bike wear such as jerseys and cycling shorts to off-the-bike wear such as hoodies and t-shirts, each item in the Possenia lineup reflects the brand’s unwavering commitment to sustainability and innovation.

Possenia wants to inspire cyclists worldwide to perform at their best, ride with confidence, and all the while minimize their environmental footprint.

Posted: May 8, 2024

Source: Possenia / Bluesign® Technologies

The National Retail Federation (NRF): Monthly Import Cargo To Reach 2 Million TEU Through Early Fall

WASHINGTON — May 8, 2024 — Monthly inbound cargo volume at the nation’s major container ports should consistently be above 2 million Twenty-Foot Equivalent Units through this summer and into early fall, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.

“We haven’t seen numbers this high for this many months in almost two years,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Regardless of what headlines about the economy might say, consumers are shopping and retailers are making sure they have merchandise on hand to meet demand. The supply chain has adjusted to recent disruptions and retailers will work to keep the flow of goods moving smoothly as the back-to-school and holiday seasons approach.”

“Even with a shift in spending from goods to services, U.S. consumers continue to spend on goods,” Hackett Associates Founder Ben Hackett said, noting a recent downturn in containerized products like furniture, clothing and electronics. “We are still seeing a strong volume of goods flowing into ports despite global geopolitical turmoil, high interest rates and a slowdown in economic growth. There has been a surge of container imports on all three coasts, with the strongest being the Gulf, followed by the Pacific and the East Coast. The issue now is whether this surge will continue or level off.”

U.S. ports covered by Global Port Tracker handled 1.93 million TEU – one 20-foot container or its equivalent – in March, the latest month for which final numbers are available. That was down 1.4 percent from February but up 18.7 percent from March 2023, when Asian exports were slow after Lunar New Year shutdowns.

Ports have not yet reported April’s numbers, but Global Port Tracker projected the month at 1.96 million TEU, up 10 percent year-over-year. May is forecast at 2.06 million TEU, up 6.8 percent year-over-year to tie last October for the highest level since 2.26 million TEU in August 2022. June is forecast at 2.03 million TEU, up 10.7 percent from the same month last year; July at 2.02 million TEU, up 5.5 percent; August at 2.1 million TEU, up 7.1 percent, and September at 2.04 million TEU, up 0.5 percent.

Monthly volume has reached the 2 million TEU mark only twice since a 19-month streak that ended in October 2022.

The first half of 2024 is expected to total 11.9 million TEU, up 13 percent from the same period last year. Imports during 2023 totaled 22.3 million TEU, down 12.8 percent from 2022.

Global Port Tracker, which is produced for NRF by Hackett Associates, provides historical data and forecasts for the U.S. ports of Los Angeles/Long Beach, Oakland, Seattle and Tacoma on the West Coast; New York/New Jersey, Port of Virginia, Charleston, Savannah, Port Everglades, Miami and Jacksonville on the East Coast, and Houston on the Gulf Coast. The report is free to NRF retail members, and subscription information is available at NRF.com/PortTracker. Subscription information for non-members can be found at www.globalporttracker.com.

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

Posted: May 8, 2024

Source: The National Retail Federation (NRF)

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