Anthony Pappalardo Joins Herculite As Regional Sales Manager For Shade Products

EMIGSVILLE, PA — April 17, 2024 — Herculite Products Inc., an innovator in High Performance and Custom Fabrics with recognized brands such as Coastline Plus and Patio 500, is pleased to announce that Anthony Pappalardo has been hired as Regional Sales Manager covering the Midwest and Southeast to develop and grow relationships with End Product Manufacturers and related sales personnel for all Awning and Marine brands and to promote awareness, loyalty and consumption of our industry-leading awning fabric brands through our distribution partners.

Anthony Pappalardo comes to Herculite with experience developing and surpassing sales and marketing programs that grow sales revenues across national distribution channels. He has a background in sales, operations management, business and product development, OEM direct sales, and management in both B2B and B2C environments.

With 25 years of experience, Anthony avidly supports the industrial fabrics industry. He has served on advisory boards and participated in industry expert roundtable discussions.

Posted: April 17, 2024

Source: Herculite Products Inc.

Growth Of Technical Textiles Industry Increased Interest In HIGHTEX 2024

İSTANBUL, Turkey— April 17, 2024 — HIGHTEX 2024 Exhibition, which will bring together the world’s leading technical textile and nonwoven manufacturers and technology leaders with global buyers, will open its doors to visitors on 4-8 June 2024. HIGHTEX 2024, which attracts great interest from domestic and foreign companies, will host thousands of industry representatives and visitors from all over the world.

International Technical Textiles and Nonwovens Exhibition-HIGHTEX 2024, the first and only exhibition of its field in Turkey, will be held at Tüyap Fair and Congress Centrebetween 4-8 June next year. Preparations are underway for the HIGHTEX 2024, where nonwoven products, raw materials used in production and the latest technologies will be exhibited. HIGHTEX 2024, which has become more important as technical textiles take up more space in all areas of our lives, attracts great interest from companies. HIGHTEX 2024 Exhibition, which is expected to reach a record occupancy rate as a result of the demand from the leading manufacturers of the sector and new entrepreneurs, will accelerate the technical textile and nonwoven sector.

Global Technical Textiles Market Expected to Reach USD 272 Billion by 2030

Although the use of technical and textile words together is surprising to most people, ‘technical textile’ products are used extensively in various areas of our daily lives, from home to automobile, from clothing to agriculture, from highways to hospitals. So much so that the share of technical textiles in the traditional textile sector has reached 45-50%. Unlike the traditional textile and ready-to-wear sectors, technical textiles are seen as a sector that is constantly growing strongly and promising for the future. This is also reflected in the research results. According to a new report prepared by Grand View Research Inc.; the global technical textile market size is expected to reach 272.33 billion dollars by 2030, recording a compound annual growth rate of 4.7%.

The Latest Technologies in Technical Textiles to be Exhibited at HIGHTEX 2024

The high demand for HIGHTEX 2024 shows the strong growth of the sector, the future of the technical textile industry and the importance given to innovation. As a matter of fact; technical textiles and nonwovens will be integrated into more industries and living spaces in the future. HIGHTEX 2024 Exhibition will be an important platform for those who want to accelerate this integration process and shape the future of the industry.

At HIGHTEX 2024, which will bring together the leading manufacturers and suppliers of the sector with professional visitors; the latest products in many fields such as medical, automotive, aerospace, hygiene, agriculture, food, construction, smart textiles and geotextiles will be exhibited. HIGHTEX 2024 will not only provide exhibitors with opportunities for collaboration and networking, but also the opportunity to learn the latest trends, develop innovative products and strategies for the future.

Posted: April 17, 2024

Source: Teknik Fuarcılık INC.

Sympatex Presents Doped Dye Innovations At Functional Fabric Fair Portland

UNTERFÖHRING, Germany — April 17, 2024 — Sympatex, a global provider of sustainable membranes, exhibits its latest innovations at Functional Fabric Fair in Portland (booth 312), from April 17th – 18st, 2024.

Renowned for its commitment to environmental responsibility and high-performance materials, Sympatex presents a diverse range of sustainable solutions to meet the demands of transferring the linear textile industry towards a circular one. PFAS freedom also plays a decisive role for Sympatex.

Sympatex acknowledges the risks associated with PFAS and has been diligently working for years to strive for a ban on PFAS from all non-essential applications, both through technological advancements and public advocacy efforts.

The 100% PES waterproof Sympatex membrane has been PFAS-free since the company’s establishment in 1986, as well as the raw materials utilized. Since 2008, Sympatex has begun with a transition towards a fluorine-free C0 DWR, which has consistently demonstrated excellent water repellency and has undergone continual technical enhancement. In the brands’ commitment to delivering PFAS-free* products, Sympatex conducts annual tests in accordance with OEKO-TEX® STANDARD 100, as well as random sampling throughout the year. As anticipated, recent test reports, as well as those from previous years, confirm the absence of PFAS residues in all Sympatex membranes.

With circularity as a mission, Sympatex introduces cutting-edge technologies designed to minimize environmental impact while adding further benefits on performance.

The booth is set to unveil three new products, a plain weave, a dobby and a twill, all sourced from e.dye®.

e.dye® is a solution dyed polyester color system with over 5,000 colors and a sophisticated color-matching process for garment textiles. Solution dyeing consumes up to 60% less water, uses up to 90% less chemicals and produces fewer CO2 emissions.

“Working together with e.dye® is a paradigm shift in textile dyeing”, said Kim Scholze, CSO Sympatex.

“Solution dyeing has become a prominent topic in the textile sector, driven by multiple compelling factors. To reduce environmental impacts during production, the advent of the new dyeing process signals a promising shift for the industry at large. In the quest for a more eco-friendly planet, solution dyeing exemplifies how technology can offer innovative solutions to meet the demand for leaving less traces on the planet. Therefore, we are very proud of our cooperation with e.dye®”, added Scholze.

“Because e.dye® actually puts the color inside the yarn, adding the new products to our portfolio gives us three major advantages. Saving water, producing less CO2, using less chemicals. Moreover, since the pigment becomes an inherent component of the yarn (in contrast to traditional processes where the yarn is produced and then colored), solution dyeing yields fibers with exceptional color fastness. These fibers resist bleeding or fading even with prolonged use or exposure to sunlight. Since there is no dyeing process, which has many different influencing factors on colour accuracy, reproducibility is guaranteed with dope dyed goods when reordering”, said Anja Palic, Product Management Sympatex.

Leveraging its expertise in eco-friendly production methods and materials, Sympatex showcases the new article Tokyo Fiber2Fiber Spring AS.

With Tokyo Fiber2Fiber Spring AS Sympatex presents a sustainable alternative to traditional bottle recycling with its innovative solution called Fiber2Fiber (F2F). The featured product comprises a 100% Fiber2Fiber first layer fabric. This groundbreaking F2F yarn is crafted from chemically recycled pre- and post-consumer waste, including discarded garments and cutting scraps. The development of this laminate, alongside other initiatives, underscores Sympatex’s commitment to closing the textile loop and promoting a circular economy. Tokyo Fiber2Fiber Spring AS is specifically tailored for use in functional garments within the outdoor and sportswear industry, offering both performance and sustainability.

By 2027, the European Commission is anticipated to enforce minimum quotas on the utilization of recycled plastic components in new products. These quotas are set to become obligatory for the plastics processing industry, with expected rates ranging between 15 and 30 percent. This regulatory shift will necessitate adaptation within the plastics processing sector to incorporate a higher proportion of recycled fibers in production. Consequently, there will be a significant surge in demand for premium-quality recycled plastic. This surge in demand prompts fabric manufacturers to explore alternatives to conventional polyester sourced from plastic bottles.

Functional Fabric Fair Spring is an exclusive sourcing destination tailored to those at the forefront of the outdoor, lifestyle and activewear industry for textiles, footwear and accessories. Explore cutting-edge materials that redefine the future of performance fabrics. This event showcases the latest products and technologies that will be available to hit the market, giving you a sneak peek into the trends shaping the 2025/2026 Spring season. Crafted by the industry for the industry. This is a trade-exclusive event that is open to verified designers, product, purchasing, material or sustainability managers and others.

Posted: April 17, 2024

Source: Sympatex Technologies GmbH

NCTO Statement On The House Ways And Means Passed De Minimis Measure

WASHINGTON, D.C. — April 17, 2024 — National Council of Textile Organizations (NCTO) President and CEO Kim Glas issued a statement on today’s House Ways and Means markup of de minimis trade legislation, H.R. 7979.

Statement by NCTO President and CEO Kim Glas:

“We recognize Chairman Jason Smith (R-MO) and Rep. Greg Murphy (R-NC) and the Ways and Means Committee for highlighting China’s systematic abuse of U.S. trade laws in order to put American manufacturers and workers out of business and support its forced labor regime in the Xinjiang Uyghur Autonomous Region under our current de minimis law. This is a crisis of disproportionate impacts that needs urgent comprehensive solutions.  Today’s markup is an initial step, but we underscore with urgency that a comprehensive solution is desperately needed now.  We are strongly committed to working with the committee and with members on both sides of the aisle to urgently close this disastrous loophole once and for all.

While we appreciate the start of this long-overdue conversation, we maintain that congressional action on de minimis must not result in half-measures that do not adequately address the complex aspects of this multifaceted issue and the many unique challenges it poses. Doing so risks leaving the door open to further abuse, as we know that China will continue to exploit any available means to destroy American industries and our social fabric.

We appreciate Chairman Jason Smith’s statement today on the bill and his work highlighting the impact of de minimis. We appreciate his commitment.  He notes ’the work doesn’t end here. I am committed to working with members on both sides of the aisle to ensure that we see this issue to the end and make all the necessary reforms to prevent de minimis shipments that violate our law or give an unfair advantage to foreign interests.’  We couldn’t agree more and are committed to doing everything possible to work with Chairman Jason Smith, Ranking Member Richard Neal (D-MA) and the entire committee to help fully address this once and for all.

In that regard, NCTO, which has long called for aggressive de minimis reforms, believes that the bill as introduced needs to be strengthened to comprehensively and effectively restructure this extremely flawed tariff waiver mechanism. Specifically, we do not believe the bill goes far enough in restricting China’s enormous privileges under de minimis. In addition, we strongly believe the bill, at the very least, should preclude de minimis treatment for trade-sensitive sectors, such as textiles and apparel, which according to U.S. Customs and Border Protection accounts for a full 50 percent of all de minimis entries.

America’s textile industry has shuttered a staggering 14 manufacturing plants in the past few months, citing the overwhelming and growing flow of direct-to-consumer, duty-free fast fashion products from Chinese e-commerce retailers like Shein and Temu as a major contributing factor.  Beyond exploiting U.S. manufacturing and our free trade partners, these products have also been shown to contain materials made with Uyghur slave labor. As a result, U.S. textile manufacturing is experiencing a historic economic downturn which can only be described as a five-alarm fire.  NCTO continues to call for real reform of the de minimis loophole with a comprehensive solution that is robust, effective, and enforceable.

China’s abuse of the de minimis loophole impacts not only American workers and consumers but has also displaced over 100,000 textile and apparel workers throughout the Western Hemisphere, where our free trade partners are forced to compete with China’s unfair de minimis access. This is in addition to concerns outside of U.S. manufacturing, where the de minimis environment is a hotbed of trafficking in illicit goods, illegal products, and other contraband, including deadly fentanyl and its precursors which contribute to approximately 80,000 U.S. fentanyl poisonings each year.

This is a critical moment for action.  We recognize many in Congress who have demonstrated leadership in highlighting and developing strong solutions to this existential threat, including Ways and Means Trade Subcommittee Ranking Member Earl Blumenauer (D-OR) whose own Import Security and Fairness Act would block all Chinese products from qualifying for de minimis benefits.  However, Congress must not let this moment—when comprehensive reform is within reach—slip by.  NCTO is fully committed to working with the House and Senate to strengthen this bill with the necessary updates and safeguards to fully end the abuse of the de minimis loophole by China and others.’’

Posted: April 17, 2024

Source: National Council of Textile Organizations (NCTO)

LunaMicro AB Wins Techtextil’s 2024 Innovation Award

BORÅS , Sweden  — APRIL 16, 2024 — LunaMicro AB, a deep-tech startup developing a soft, flexible fabric pump that actively transports liquid sweat, has been awarded Techtextil’s 2024 Innovation Award in the “New Technology” category. This esteemed prize recognizes the potential of the revolutionary technology and showcases LunaMicro’s commitment to pushing the boundaries of innovation within the textile industry. The award ceremony will be held at the Techtextil trade fair in Frankfurt, Germany, on April 23rd, 2024, where the patented technology will also be exhibited.

“We are honored and very excited to accept Techtextil’s Innovation Award acknowledging our work in the textile industry. This recognition underscores the uniqueness and potential of introducing cutting-edge technology into textile products. Our technology offers groundbreaking active moisture management, enhancing user safety and comfort, while promoting sustainability by reducing the reliance on harmful ‘forever chemicals,'” said Nate Robinson, CEO and founder of LunaMicro.

The jury’s motivation points out that offering comfort is still a major objective of clothing and sometimes the presence of moisture can seriously deteriorate this comfort. LunaMicro’s innovative approach to moisture management is cited as the main motivation behind the award.

“We think that it brings smart textiles a step further and has a lot of potential in different fields,” says Dr. Jan Laperre, general manager of Centexbel and jury member for the Techtextil Innovation Award.

Compared to passive membranes normally used in waterproof garments, LunaMicro’s patented fabric pump technology removes moisture even when the outside environment is wet, and allows over 80 percent of a water-resistant garment to be made from recyclable materials such as natural rubber or polyester. Additionally, it diminishes the requirement for environmentally harmful “forever chemicals” such as halogenated polymers or PFAS. These improvements can dramatically improve the performance and sustainability of waterproof clothing and equipment.

LunaMicro would like to recognize contributions from development and production partners, namely Concordia Textiles NV, Science Park Borås and TST Sweden, and financing and business partners from the Swedish innovation system including LiU Invest, LEAD Business Incubator, Borås University Holding, Borås INK, Vinnova and Almi.

Posted: April 16, 2024

Source: LunaMicro AB

Covestro At Techtextil Frankfurt 2024: Raw Material Solutions For A More Sustainable, More Productive Textile Industry

LEVERKUSEN, Germany — April 16, 2024 — Polymer manufacturer Covestro is exhibiting a wide range of innovative material solutions for the textile industry at Techtextil 2024 in Frankfurt. Four different teams of experts are attending the show, with each presenting a selection of highlights from Covestro’s portfolio that can help textile manufacturers improve the productivity and sustainability of their operations and products.

Textile coatings

From more sustainable raw materials to textile recycling technologies, Covestro is supporting the coated textiles value chain in its sustainability transformation thanks to its waterborne INSQIN® technology. Exhibits on show at Techtextil include a new concept for automotive interior door panels, breathable vegan coatings for functional textiles, and a next-generation, partly biobased leather alternative made using apple waste.

Modern coatings

Covestro’s Desmomelt® U range of thermoplastic resins is a new class of aliphatic, non-yellowing polyurethane (PU) powders for adhesives, ideal for processing into filament or foil for digital printing applications. Desmomelt U will be showcased in an automated 2D-printed hot melt application for shoe uppers, where it can significantly reduce the number of processing steps in footwear production and make end-of-life disassembly of shoes easier.

Specialty films

With its Platilon® and Dureflex® film solutions, Covestro helps makers of sportswear and outdoor gear overcome the challenge of balancing processing efficiency, high performance, and consumer safety. The team will showcase the combined power of these thermoplastic polyurethane (TPU) films in inflatable surfing kites and wings, enabling reliably excellent performance in this demanding application while meeting production requirements and safety certification standards.

Thermoplastic polyurethane

Durable, versatile, soft touch, and more sustainable, Covestro’s recyclable thermoplastic polyurethane (TPU) Desmopan® is an innovative mono-material solution that brings strong mechanical and sustainability properties to a diverse array of applications. Techtextil visitors will discover the benefits of Desmopan® solutions in more circular truck tarps, attractive artificial leather, and high-performance yarns that help meet the demands of the fashion industry.

“With our wide-ranging selection of high-performance solutions, Covestro’s booth will be an essential destination for Techtextil visitors,” said Thomas Michaelis, head of Textile Coating in the Europe, Middle East, Africa and Latin America (EMLA) region at Covestro. “We’re excited to showcase our latest textile innovations in different markets and applications, and to connect with other industry players who share our ambition of enabling a more efficient, more sustainable textile value chain.”

Techtextil will be held at Messe Frankfurt from April 23 to 26, 2024. Attendees can find Covestro in Hall 11.0, Booth E76.

Posted: April 16, 2024

Source: Covestro

3M Sponsoring The 2024 Ultra-Trail Mount Yun By UTMB® Providing Leading Insulation And Moisture Wicking For Apparel And Accessories

ST. PAUL, Minn. — April 16, 2024 — 3M is sponsoring the 2024 Ultra-Trail Mount Yun by UTMB®, a trail race part of the UTMB World Series. The event encompasses four different races, with the UMY 100M (168K) starting from the Yellow River Hukou Waterfall Scenic Spot with all races being held between April 19 and 21 This race will span up to 166.4 kilometers and reach up to 6,996 meters in elevation, and depending on the course, competitors will have between eight and 48 hours to finish. The next set of races will start from Zhonghe Square in Mount Yun, and they include DMY 100K, MMY 50K, and the EMY 20K.

The DMY 100K will begin on Mount Yun, a famed site once visited by Laozi, the founder of Taoism. The trail running adventure takes competitors through an “emerald paradise with breathtaking natural scenery.”

The 2024 Ultra-Trail Mount Yun by UTMB is part of the UTMB World Series, a global event that describes itself as “the world’s ultimate trail running circuit that allows all runners to experience the UTMB adventure through the best, leading international events.” Races are held throughout the globe, and each one helps athletes qualify for the Dacia UTMB Mont-Blanc and the UTMB World Series Finals.

Aside from financial support, 3M has also contributed 3M™ Thinsulate™ Anti-Static Insulation (Type AS) to be adopted into race apparel. The scientific innovator has also supplied Scotchgard™ Protector to treat towels and shirts with moisture wicking properties.

3M Thinsulate Anti-Static Insulation (Type AS) is a mid-loft insulation utilizing anti-static fibers to help improve the anti-static property of finished garments. It features 30 percent recycled fiber made from post-consumer plastic bottles, and it delivers considerable warmth and excellent anti-static performance.

“The athletes competing in UTMB are among the most disciplined, awe-inspiring runners in the world,” said Melissa Blakely, 3M Thinsulate & Scotchgard Global Portfolio Director. “We’re thrilled 3M innovations are going to be there to help them perform at their best.”

3M Thinsulate Anti-Static Insulation is part of the wider family of 3M Thinsulate Insulation products. Introduced in 1978, 3M Thinsulate Insulation is a lightweight, breathable, thermal insulation originally used to keep skiers warm outdoors. Today, 3M Thinsulate Insulation harnesses the scientific and technological strengths of 3M to reimagine traditional insulation materials by utilizing products that are designed for performance and crafted from recycled material, resulting in synthetic insulation that provides excellent warmth, even after laundering.

The Scotchgard™ Protector moisture wicking treatment is a fabric protectant that is specially designed to wick moisture and resist stains, all while keeping fabrics soft and breathable.

3M Thinsulate Insulation reflects 3M’s focus on its strategic sustainability framework. 3M’s global HQ is powered by 100-percent renewable electricity, and over 50 percent of the company’s global electricity comes from renewable sources. 3M has also pledged $1 billion over 20 years to accelerate environmental goals, including achieving carbon neutrality across operations by 2050, with a 50 percent reduction of Scope 1 and Scope 2 market-based greenhouse gas emissions by 2030 (versus a baseline year of 2019); reducing water usage, indexed to net sales, by 25 percent across all facilities by 2030 (versus 2019); and reducing dependence on virgin fossil-based plastics by 125 million pounds by 2025.

 Posted: April 16, 2024

Source: 3M

“From A Rock To A Rocket Ship”: Graniteville Specialty Fabrics Takes Huge Leap With Digital Finishing

ST. LOUIS, Missouri — April 16, 2024 — Graniteville Specialty Fabrics has set new standards by challenging the traditional pad finishing process. With Baldwin Technology’s cost-efficient and highly sustainable spray finishing technology, Graniteville Specialty Fabrics has been able to increase production efficiency, and minimize chemical and water waste.

Baldwin’s TexCoat™ G4

Based in Graniteville, S.C., Graniteville Specialty Fabrics produces coatings and coated fabrics that are resistant to water, fire, UV rays and weather for the military, marine and tent markets. The installation of Baldwin’s TexCoat™ G4 is part of a major facility upgrade to maximize production efficiency and capacity in the durable water-repellent finishing and coating line to meet growing customer demand for advanced engineered products.

With extensive sustainability benefits, unprecedented tracking and process control, and Industry 4.0 integration, the TexCoat G4 consistently provides high-quality fabric finishing, with no chemistry waste, as well as minimal water and energy consumption. This system utilizes non-contact precision-spray technology, ensuring precise finishing coverage with the exact amount of chemistry for reaching the optimal performance of the fabric. Changeovers — pad bath emptying, cleaning and refilling — are significantly reduced, resulting in substantial chemical conservation and increased productivity.

“We were pleased to be a key partner in Graniteville Specialty Fabrics’ modernization project,” said Rick Stanford, Baldwin’s vice president of Global Business Development, Textiles. “The team reached out to us, and it was clear that the TexCoat G4 was the right tool to help them minimize waste and increase productivity.”

Doug Johnson, Graniteville Specialty Fabrics’ executive vice president of Development and Technical Services, said the company needed to increase its productivity and sustainability, without sacrificing fabric quality and performance.

“Anytime you change from a traditional process like padding, it is human nature to be a little skeptical,” Johnson said. “Baldwin organized production-scale trials for us at a nearby TexCoat-equipped factory. We took the finished fabric and scrutinized the look and feel, and performed a battery of tests in our lab to American Association of Textile Chemists and Colorists spray-rating and hydrostatic-head standards. The results were impressive. Moreover, when we commissioned our TexCoat, we duplicated and exceeded the fabric performance realized during the trials.”

“[TexCoat] allows us to have full control over where we spray the chemicals, and allows us to save money in the process” stated James McKenzie, Graniteville Maintenance and Facilities manager. “With the machine in production, it is a rocketship compared to a rock.”

Posted: April 16, 2024

Source: Baldwin Technology Company Inc.

Wacker Chemical Corp. Under New Management

MUNICH, Germany — April 16, 2024 — Christoph Kowitz, currently head of WACKER’s Corporate Research Department, takes charge of the group’s U.S. subsidiary Wacker Chemical Corp. (WCC) at the beginning of May. He succeeds David Wilhoit who has been responsible for WACKER’s North and Central American business since 2015 and is now retiring.

Wacker Chemical Corp.’s new President and CEO Christoph Kowitz will take up his new position at the beginning of May.He oversees WACKER’s North and Central America business. Photo – WACKER

WCC’s future President and CEO has headed WACKER’s Corporate R&D for six years. “I’m looking forward to my new job in the U.S.,” said Kowitz, a Ph.D. chemist, who, as a senior manager for WACKER SILICONES, has already been in close contact with silicone production and application technology at WCC sites in Adrian and Ann Arbor, both located in Michigan. “The U.S. is and will remain one of WACKER’s most important markets. With our products from all business divisions, we are ideally positioned to support the climate-neutral transformation of U.S. industry with innovative solutions. The U.S. government is driving this development forward with several investment programs. My aim is to make the best possible use of these opportunities for our growth.”

Kowitz has already held various management positions. After obtaining his doctorate in organic chemistry and polymer chemistry, he began his professional career as a product developer at BASF AG in Ludwigshafen in 1996. From 1997 onwards, he worked for several years as a management consultant for McKinsey in Asia and Europe. After several management positions in the chemical industry, including Germany-based specialty chemicals manufacturer Cognis, Kowitz moved to WACKER in 2013, where he headed the Performance Silicones unit within the WACKER SILICONES division. Since 2018, he has been head of Corporate R&D and thus also responsible for innovation management within the group

Posted: April 16, 2024

Source: Wacker Chemie AG

Gildan Activewear CEO Vince Tyra Provides Key Focus Strategic Priorities

MONTREAL — April 15, 2024 — Gildan Activewear Inc. has announced that its President and CEO, Vince Tyra, has unveiled his key focus strategic priorities. Concurrently, the company also reconfirmed its 2024 full year guidance and announced preliminary Q1 revenue. Furthermore, the company intends to hold an Investor Day in the Fall of 2024 to provide a comprehensive strategic plan.

Reflecting on his first 90 days, Tyra said: “I’m excited to be leading Gildan at this pivotal time. Having completed 90 days at the helm of Gildan, I wanted to share with you my key focus strategic priorities and articulate how we can leverage our strengths and accelerate value creation for all stakeholders. Importantly, these priorities reflect feedback received from shareholders and their desire for us to continue sustainably growing Gildan. As we continue to execute on the key components of the Gildan Sustainable Growth strategy, my first few months as CEO have confirmed my belief that Gildan’s core fundamentals are strong and that we are in a great position to unlock further potential and launch the next phase of our growth. My management team and I will continue to review the business and we look forward to presenting a fuller view at an Investor Day this Fall.”

With its three key pillars, Growth, Innovation, and ESG, the Gildan Sustainable Growth (GSG) strategy has set the foundation for the Company’s future. Capitalizing on this strong foundation and the continued execution of the GSG plan which remains core to Gildan’s business, today Vince Tyra outlined his key focus strategic priorities to unlock further growth potential while amplifying the company’s commercial capabilities. These five key priorities are:

  • Successfully execute supply chain initiatives to maintain availability, cost leadership and industry leading margins;
  • Leverage Gildan’s unique brands and develop distinct commercial capabilities to accelerate growth and strengthen the Company’s market position;
  • Deepen Gildan’s relationships with existing and prospective retail partners, strengthening the Company’s position as the supplier of choice;
  • Complement Gildan’s strong North American market position with renewed focus on select international markets to drive growth; and
  • Empower and build world-class talent and leadership to ensure long term resilience of Gildan’s business.

Medium-term Targets

Assuming no deterioration in the current macroeconomic environment, Gildan is confident that the targeted priorities will position the company to continue to drive market share gains in key product categories, unlock further opportunities in targeted markets and deliver on key financial metrics over the 2025-2028 period, reflecting the following:

  • Net sales growth at a compound annual growth rate in the mid-single digits range
  • Annual adjusted operating margin(1) in the range of 18 to 21 percent
  • Capital expenditures (capex) as a percentage of sales of about 5 percent per year, on average, to support long-term growth and vertical integration
  • Adjusted diluted EPS(2) growth per annum in the high-single to low double-digit range

Gildan expects to maintain its capital allocation priorities which, beyond planned capex deployment, focus on annual dividend growth, continued share repurchases now in line with a leverage framework of 1.5x to 2x, and value accretive M&A. The combination of the above is expected to drive strong shareholder returns.

2024 Outlook and preliminary Q1 2024 revenue

Gildan today reconfirmed its 2024 full year guidance as announced on February 21, 2024 in its Q4 2023 press release as well as the assumptions underpinning this guidance:

  • Revenue growth for the full year to be flat to up low-single digits;
  • Adjusted operating margin(1) slightly above the high end of the 18 to 20 percent annual target range. This compares to fiscal 2023 adjusted operating margin of 17.3 percent; fiscal 2023 operating margin was 20.1 percent.
  • Capex to come in at approximately 5 percent of sales;
  • Adjusted diluted EPS(2) in the range of $2.92 to $3.07, up significantly between 13.5 and 19.5 percent year-over-year. This compares to 2023 adjusted diluted EPS of $2.57; fiscal 2023 GAAP diluted EPS was $3.03;
  • Free cash flow above 2023 levels driven by increased profitability, lower working capital investments and lower capital expenditures than in 2023.

In addition, Gildan today announced that its preliminary Q1 2024 net sales are expected to come in at approximately $695 million, or down about 1 percent year over year, as previewed in our Q4 2023 press release.

The above outlook as well as the medium-term targets assume no meaningful deterioration from current market conditions including the pricing and inflationary environment, and no further deterioration in geopolitical environments. They reflect reasonable industry growth and expected market share gains. Though the timing of the potential enactment of legislation remains uncertain, we have also incorporated the estimated impact of the implementation of draft Global Minimum Tax legislation in Canada and Barbados on our effective tax rate, retroactive to January 1, 2024, as well as certain refundable tax credits expected. In addition, they reflect Gildan’s expectations as of April 15, 2024 and are subject to significant risks and business uncertainties, including those factors described under “Forward-Looking Statements” in this press release and the annual MD&A for the year ended December 31, 2023.

Posted: April 16, 2024

Source: Gildan

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