CARY, N.C. — May 13, 2024 — INDA, the Association of the Nonwoven Fabrics Industry, and AFS, the American Filtration & Separations Society, are pleased to announce they are entering into a strategic partnership to create the FiltXPO™ 2025 Conference Program. FiltXPO, the International Filtration Conference & Exhibition, will co-locate with IDEA®25 from April 29 to May 1, 2025, in the Miami Beach Convention Center, Miami Beach, Florida.
The theme for FiltXPO 2025 is “The Future of Filtration: Advancing Technology, Performance & Sustainability.” The two-day FiltXPO conference program will feature technical insights into filtration innovations and technologies from industry professionals worldwide. INDA and AFS will issue a call for abstracts in the next few weeks.
“The INDA and AFS partnership is an exciting combination. AFS’ expertise in the filtration market sector is key to producing a world-class FiltXPO conference program. We appreciate their technical insights and ability to bring together a diverse slate of speakers discussing filtration research and science. We look forward to working with AFS,” said Tony Fragnito, INDA President and CEO.
“We feel this is a great opportunity to provide premium content and expand AFS’ reach. AFS’ ability to plan a first-rate conference, combined with INDA’s ability to organize a well-respected show like FiltXPO, will create an exceptional experience for filtration professionals. We are pleased to partner with INDA and will release more information about the program in the coming months,” said Connie Rhea, Executive Director, AFS.
To reserve a booth, register, or sign up for sponsorships, visit https://www.filtxpo.com/.
Posted: May 13, 2024
Source: The Association of the Nonwoven Fabrics Industry (INDA) / The American Filtration & Separations Society (AFS)
WILMINGTON, Del. — May 8, 2024 — The LYCRA Co. — a global developer of innovative, sustainable solutions for the apparel and personal care industries — announced today that it has signed a letter of intent with Dairen Chemical Corp. (DCC) to convert QIRA® — the next generation of 1,4-butanediol (BDO) — into low-impact PTMEG, the main ingredient in patented bio-derived LYCRA® fiber. Dairen will be the first company in the world to mass produce this low-impact bio-PTMEG at scale.
(left to right): The LYCRA Co. presents the Green Partner Award to DCC Shean-Tung Lin of DCC; Fu-Chu Huang of DCC; Simon Chuang of The LYCRA Company; and Steve Stewart of The LYCRA Company. Photo – Business Wire
In September 2022, The LYCRA Co. and Qore® announced they were joining forces to enable the production of bio-derived LYCRA fiber made with QIRA. Now, DCC joins this distinctive collaboration, converting QIRA into bio-PTMEG. This unique PTMEG will make up the renewable portion of LYCRA fiber, accounting for 70 percent of the fiber’s content. It is being made exclusively for The LYCRA Company to its stringent specifications. With its low-impact allyl alcohol process, DCC has pioneered a technology that creates the lowest-impact PTMEG available, which is cleaner and has a lower carbon footprint than product produced with natural gas or coal.1
The LYCRA Co., Qore, and DCC are united by a shared commitment to R&D, health and safety, sustainability, and conservation. To mark this event, Steve Stewart, The LYCRA Company’s chief brand and innovation officer, presented DCC with a Green Partner Award. The award acknowledges DCC’s ongoing sustainability efforts and commitment to creating low-impact products.
“Our collaboration heralds a brand-new era of environmentally conscious production activities, fueled by our shared commitment to reducing carbon footprints and developing world-leading eco-friendly solutions,” said DCC’s Chairman Lin Shean-Tung. “Sustainability is not merely a trend, but an imperative for the future of our planet. We are honored to receive the Green Partner Award and embark on this journey alongside The LYCRA Company, advancing sustainable practices in the industry.”
Available in early 2025, patented bio-derived LYCRA fiber made with QIRA will be the world’s first renewable spandex available on a large scale. By using annually renewable dent corn, an initial screening calculation indicates that the carbon footprint of LYCRA fiber potentially could be reduced by up to 44 percent2 compared to LYCRA fiber without bio-derived materials. Further, the fiber will offer equivalent performance to traditional LYCRA fiber, making it an easy replacement for mills, brands and retailers.
“We are excited to collaborate with DCC to bring bio-derived LYCRA fiber made with QIRA to market and realize our shared vision for a more sustainable value chain,” said Stewart. “Given the combination of using bio-derived input from corn, plus conversion at a state-of-the-art QORE facility run on wind power, and transformation to PTMEG using DCC’s low-impact process, we anticipate the potential for additional reductions as we go into production.”
For many years, Dairen has demonstrated its sustainability efforts in raw materials management, waste elimination, process enhancement, innovations, and more. It has also achieved significantly lower carbon emissions in its product offerings than its competition.
“Sustainability has evolved from fulfilling requirements to being a competitive advantage,” said Simon Chuang, vice president of global sourcing and procurement at The LYCRA Co. “We’re committed to selecting, promoting, and expanding our business with supply partners like DCC who embrace and drive meaningful sustainability efforts.”
1Estimate from Cradle-to-Gate Screening PCF for a representative DAIREN PTMEG manufacturing facility, year 2023, prepared by DNV Business Assurance Co., Ltd.
2
Estimate from Cradle-to-Gate Screening LCA for a representative LYCRA® fiber manufacturing facility, June 2022, prepared by Ramboll Americas Engineering Solutions, Inc.
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)
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.
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)
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.”
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.
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.
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.
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
CARY, N.C. — May 13, 2024 — INDA, the Association of the Nonwoven Fabrics Industry, and AFS, the American Filtration & Separations Society, are pleased to announce they are entering into a strategic partnership to create the FiltXPO™ 2025 Conference Program. FiltXPO, the International Filtration Conference & Exhibition, will co-locate with IDEA®25 from April 29 to May 1, 2025, in the Miami Beach Convention Center, Miami Beach, Florida.
The theme for FiltXPO 2025 is “The Future of Filtration: Advancing Technology, Performance & Sustainability.” The two-day FiltXPO conference program will feature technical insights into filtration innovations and technologies from industry professionals worldwide. INDA and AFS will issue a call for abstracts in the next few weeks.
