Huntsman Announces Review Of Strategic Options For Textile Effects And Compensation Plan Aligned With Financial Targets

THE WOODLANDS, Texas — December 28, 2021 — Huntsman Corp. today announced two significant corporate initiatives: a review of strategic options for its Textile Effects Division and a multi-year compensation plan designed to align the incentives of the Company’s management team with the targets presented at the Company’s Investor Day in November.

Review of Strategic Alternatives for Textile Effects

The Huntsman Board of Directors has authorized management to conduct a strategic review of the Textile Effects Division, which is headquartered in Singapore, including a possible sale of the division. The review will begin early in the first quarter of 2022.

“We have been transparent about our continued evaluation of divestment opportunities that are both in line with our strategic goals and in the best interests of our shareholders,” said Peter R. Huntsman, chairman, president and CEO. “We believe now is the right time to explore options for Textile Effects. We expect that the division will generate close to $100 million of Adjusted EBITDA in 2021, recovering much of what was lost due to COVID-19. While its value-added portfolio of sustainable products is consistent with Huntsman’s strategic direction, there may well be an external party that recognizes the value of these extremely attractive assets and will be a better owner for them.”

Huntsman has not set a timetable or a deadline for the conclusion of its evaluation of strategic alternatives for the Textile Effects Division but plans to move expeditiously, and it does not intend to comment further unless and until the board has approved a specific course of action or the company has otherwise determined that further disclosure is appropriate or required by law.

Compensation Plan Aligned with Investor Day Targets

The board of directors also authorized management of the company to implement a multi-year compensation plan for all officers and vice presidents designed to align with the interests of all shareholders and with the targets presented at the company’s Investor Day in November.

A significant majority of the plan participants’ equity incentives will be performance-based and tied to relative Total Shareholder Return and Free Cash Flow measures. In addition, the entirety of the Company’s incentive cash bonus program will be linked to the achievement of the Adjusted EBITDA margin, Optimization Program and Free Cash Flow targets set out at the Investor Day. Each of these targets builds on a multi-year effort to improve upon the company’s 2021 performance.

Huntsman continued: “Consistent with the guidance we gave on Investor Day, we are committed to improving upon the strongest profit and margin performance for our current portfolio of businesses. We believe these changes to our compensation plan will enhance our culture of accountability and effectively incentivize our management team to deliver on our Investor Day commitments and generate enhanced shareholder value.”

Posted: December 31, 2021

Source: Huntsman Corporation

Texworld New York City & Apparel Sourcing New York City 2022 Edition Moves To Virtual Due To Rising Pandemic Concerns

NEW YORK CITY — December 29, 2021 — After careful consideration regarding the increased concerns surrounding COVID-19 as well as New York State regulations, we have made the difficult decision to cancel the Winter 2022 edition in-person segment of Texworld New York City and Apparel Sourcing New York City. In lieu of the physical event, both shows will continue virtually and can be accessed live during the original show dates, January 25-27, 2022.

Our high level of international participation, increasing travel restrictions, and rising number of COVID-19 variant cases has led to a significant deterioration in the general conditions for holding the in-person shows. “Our primary concern is always the responsibility we feel towards our exhibitors, partners, attendees, and staff,” said Jennifer Bacon, Show Director, Fashion & Apparel. “While this is disappointing for all involved, we hope there is a level of understanding that this was a necessary step to help keep each other safe in these unprecedented times.”

The Virtual Platform will open with similar features found on the trade show floor. Attendees will be able to take advantage of the AI-powered matchmaking capabilities of recommended textile suppliers, video meetings, and more. In addition, the highly anticipated educational program scheduled for January’s in-person show will also continue virtually; dates and times remain unchanged. The full schedule for Textile Talks and the Lenzing Seminar Series can be found on our websites: www.TexworldNewYorkCity.com; www.ApparelSourcingNewYorkCity.com

The Texworld and Apparel Sourcing New York City team remains hopeful and focused on delivering a successful Summer 2022 edition with plans to take place in-person on July 19-21 in New York City.

Despite this unfortunate obstacle, we want the industry to know that we are fully committed to serving and supporting the community that we love. We intend to continue to create abundant opportunities to support the textile and apparel community as well as serve as a place for inspiration for designers, buyers, and industry professionals. Until we meet again.

Posted: December 31, 2021

Source: Messe Frankfurt Inc.

Premium Lifestyle Brand Brixton Appoints New CFO Rick Robertson

OCEANSIDE, Calif. — December 21, 2021 — Brixton today announced that Rick Robertson, the former CFO of Municipal Co. Inc., will join Brixton as its new CFO beginning January 3, 2022.

Prior to his current role, he served as vice president of Commercial Finance at TaylorMade Golf Company where he spent over two decades shaping the golf juggernaut’s financials ahead of their acquisition by KPS partners in 2017. In his most recent role, he served as CFO at Municipal Co. where he joined the direct-to-consumer startup in 2019 and has led them to their current financial success in the activewear sector.

Robertson will be reporting directly to CEO, Raphael Peck, where he will help lead the organization through the explosive growth. The brand’s expansion has been driven by strategic initiatives around aggressive wholesale account focus, digital direct-to-consumer initiatives, a fast-growing women’s business launched in 2019, and the growing fleet of Brixton Retail Experiences.

“I couldn’t be more excited to join the Brixton growth story. The brand is poised for continued success, and the opportunity to help shape the future and build a financial strategy to support our growth is really compelling,” said Robertson on the role.

“It was important to find a partner who understood the complexity of our business. Rick brings incredible experience across a variety of operational disciplines that will enable Brixton to accelerate its growth journey,” explained Raphael Peck, CEO.

Posted: December 22, 2021

Source: Brixton

Fox Racing, Supplier Of Bike Safety Equipment And Apparel, Expands Outreach In MTB Community

IRVINE, Calif. — December 22, 2021 — Fox Racing, the supplier of bike safety equipment and apparel, gears up to support the growing cycling industry, announcing new partnerships with PeopleForBikes and the National Interscholastic Cycling Association (NICA). Fox will work alongside both organizations to create more cycling opportunities, develop youth programs, and improve retailer and rider relationships in the industry.

Fox is pleased to announce a multi-year partnership with PeopleForBikes, one of the nation’s leading bicycle advocacy organizations. This collaboration will help PeopleForBikes continue to advance youth and community well-being by expanding youth bicycle access and paving the way for increased health, equity, and diversity in bicycling.

Fox has also formed a multi-year partnership with the National Interscholastic Cycling Association (NICA), the organizing body for high school mountain biking and the largest youth mountain biking organization in the United States. Fox will work with NICA to further support the organization, its high school teams, and its coaches and directors. In addition to direct monetary support and access to product, Fox and NICA plan to develop special programs to further support riders that don’t have the financial resources and improve diversity in cycling.

“We want to create inspired cycling experiences for more people, and PeopleForBikes and NICA are making that happen,” said Fox CEO Jeff McGuane. “From new places to ride, to youth support and diversification, we are working with partners to pay-forward our love of cycling.”

“We believe bicycling is a fun and healthy way for people of all ages to enjoy their communities. We are proud to join PeopleforBikes and the National Interscholastic Cycling Association as accessible routes and safe equipment are crucial for riders to avail themselves to all the all the positive benefits bicycling has to offer,” said Fox North America GM Kelly Carioti. “These organizations support the future of the sport and are key to ensuring that young riders and people in areas where bicycling has been difficult are included. As the industry leader in bicycling equipment, we can’t think of a better way to grow than to have more people pedaling safely!”

Fox would like to thank our great partners at PeopleForBikes and NICA, as well as our dealer network, as we continue to work to create great gear and more cycling opportunities.

Posted: December 22, 2021

Source: Fox Racing

Cadre Holdings Announces Acquisition of Radar Leather Division S.r.l.

JACKSONVILLE, Fla. — December 22, 2021 — Cadre Holdings Inc., a global manufacturer and distributer of safety and survivability equipment for first responders, with core products that include body armor, explosive ordnance disposal equipment, and duty gear, announced today the signing of a definitive agreement to acquire the stock of Radar Leather Division S.r.l. from the leadership team of Pietro and Paolo Pellegrini. Pietro Pellegrini, CEO of Radar, and Paolo Pellegrini, vice president of Radar, will remain with the business and partner with the team at Cadre to further grow and develop the business alongside Cadre’s wholly owned subsidiary, Safariland LLC.

Established in 1957 by Gisberto Pellegrini and based in Fucecchio, Italy, Radar is a premiere family-owned duty gear business that specializes in the production of high-quality holsters, belts, duty belts, and other accessories. Radar generates the majority of its revenue in Europe, selling its products through distribution partners and directly to agencies.

Warren B. Kanders, Chairman and CEO of Cadre, said: “This marks our first acquisition following the Company’s initial public offering and is consistent with the strategy we laid out to investors both during the offering process and since. Radar is a well-established duty gear brand with leading market shares and a reputation for innovation, safety, and quality. This acquisition grows our international presence and provides the company another EU foothold, further diversifying our footprint and providing multiple growth avenues. We are pleased to welcome Pietro and Paolo to our team, and we look forward to a successful future together.”

Pietro Pellegrini, CEO of Radar, commented: “Paolo and I are very proud of the legacy our family has built with Radar, and we are excited to join forces with Cadre and Safariland. Safariland’s reputation for innovation, quality, and service is outstanding, and we believe that Radar and Safariland together will be stronger. We remain personally engaged and committed to providing law enforcement, military, and other first responder professionals with the best equipment available and seeing Radar flourish in its next chapter.”

Kanders continued, “We expect this transaction to be immediately accretive for our shareholders, and we are well-positioned to execute our growth strategy focused on organic and acquisition initiatives.”

Terms of the transaction were not disclosed. The transaction is expected to close in January 2022, subject to the satisfaction of customary closing conditions.

Posted: December 22, 2021

Source: Cadre Holdings, Inc.

TCO 21: The Next Generation Comber Machine

EGELSBACH, Germany — December 16, 2021 — Comber machines from Trützschler are already trusted by customers across the textiles industry and around the globe. Now, a state-of-the-art new design is building on this track record to boost productivity, ensure quality and support increased automation: Meet the TCO 21!

Higher productivity. Better quality. Less waste. The search for continuous improvement in the textile industry never ends. That’s why innovators at Trützschler never stop exploring fresh ways of optimizing combing performance. The TCO 21 is the latest milestone in our long history of driving progress for spinners around the globe. It leverages market-proven designs and technologies from Trützschler to offer next-level performance and an expanded range of features that give our customers a decisive advantage over their competitors.

Powerful productivity and raw material savings

One of the key benefits of the TCO 21 is its advanced processing speed. This next-generation combing machine is able to produce at a rate of up to 600 nips per minute. This puts it at the very top of the market, offering best-in-class productivity. To increase this even further, the TCO 21 can perfectly be coordinated with Trützschler’s highly economical JUMBO CANS (Ø 1.200 mm). They not only reduce yarn defects due to fewer piecings which leads to quality improvements, but also offer a significantly higher efficiency because of their larger dimensions. This, for example, has positive effects on the number of necessary cans and can transports — and results in lower personnel costs.

Excellent yarn quality

The TCO 21 comes with COUNT MONITORING as standard. This feature makes it possible for the machine operator to define limits for count variations via an easy-to-use display. Trützschler’s DISC MONITOR system of sensors measures the count continuously, and the machine alerts the operator and switches off if the limit is exceeded. In addition, the COUNT MONITORING function also includes spectrogram analysis.

Customers can further strengthen their focus on quality by choosing to add the COUNT CONTROL function to the TCO 21. It is managed via the same easy-to-use display, and offers automatic sliver count measurement, as well as spectrogram analysis. On top of this, it automatically regulates the main draft during production to balance count variations and ensure the desired sliver count. This feature is particularly attractive for customers who manufacture blends of cotton and synthetic, as it can also be used to avoid variations in the overall yarn composition.

Automatic optimization

The TCO 21 joins the TCO 12 from Trützschler as the only combing machines on the market that offer an automatic PIECING OPTIMIZER technology that finds the right piecing setting without a single laboratory test because of two functions: First by adjusting the piecing time in the combing cycle (timing function).

Whereas the resetting of the detaching point (piecing time) is usually a very time-consuming task, it now takes only a few minutes and is performed automatically at a push on a button. Second the customer is helped to select specific detaching curve types (curve function) for their unique requirements.

Easy operation

The TCO 21 is simple to operate and maintain. The SMART TOUCH display is fast and intuitive, and a Radio-Frequency Identification (RFID) sensor quickly identifies each user and adapts the information on the display to their individual needs. The multi-colored T-LED display provides visual indications of the machine’s status or quality parameters over large distances which enables the operator recognizing them at a glance in the entire spinning mill. The TCO 21 is built with original Trützschler electronics that ensure top-class performance and durability: Our intelligent cooling system, that has already proven itself in the draw frame TD 10, contributes to a longer service life by reducing the operating temperature of electronic power components. Even if components have to be replaced at some point, the customer can keep his spare parts inventory small because he can switch also electronics spare parts flexibly between different machine types, e.g. cards and draw frames. The option to add an automatic greasing function perfectly completes the easy operation of the TCO 21.

The TCO 21 marks an exciting step forward in the constant journey toward more effective spinning processes. With its impressive range of modern and easy-to-use automated features, the machine is able to boost productivity and quality, while empowering operators to customize and optimize performance quickly and easily. It’s the latest innovation that builds on Trützschler’s tradition of providing state-of-the-art spinning preparation machines that give our customers a competitive advantage. And it’s now available for sales around the world.

Posted December 21, 2021

Source: Trützschler

DenimFWD Opens The World’s First “Urban Factory” Bringing Textile Production Back To The USA

CITY OF INDUSTRY, Calif. — December 20, 2021 — The world’s first “Urban Factory” is opened by Denim Forward, Inc (DenimFWD). A company for implementing advanced manufacturing and transformational technology, DenimFWD is contributing to the return of textile production to the United States.

Located in the City of Industry, Calif., just 30 minutes from Los Angeles, the plant integrates revolutionary technologies that transform the textile industry production model into one that is on-demand, close to the customer and completely sustainable, digital, and automated. DenimFWD is changing the operating model and bringing back 15 to 25 percent of manufacturing production to the United States, initiating the reindustrialization process needed in the textile industry.

Carlos Arias, CEO at DenimFWD has highlighted that the pandemic has accelerated local production and the change in the operating model: “which is why it is the moment to bring manufacturing back to the US boosting a new generation of industrialists and technological artisans, connecting creativity and production at the same time as changing how things are produced.”

He added: “We are committed to revolutionary technologies that allow a 100-percent sustainable on-demand production close to the consumer, digitalizing the whole process and improving the processes and product while also saving costs and speeding up time-to-market.”

“With this Urban Factory the consumer will decide to buy a product and that product will be finished in that moment and delivered that same day, eliminating stock.” This is a huge advance in the textile industry where 20 percent of garments produced are never used and end up in landfills or incinerated.

Urban Factory: a complete transformation of the production model

Urban Factory is creating a complete transformation of the operating model in the denim industry. To do so DenimFWD has teamed up with Jeanologia (world leaders in sustainable and efficient technology development) as their expert technology partners.

For Enrique Silla, CEO at Jeanologia, “we are convinced that a new production model is possible”, That’s why “we have joined forces with companies from our industry such as DenimFWD that share our values and objectives like Mission Zero, to eliminate 100 percent of discharge and pollution from jeans in all the world.”

He underlines that “Urban Factory is the culmination of work carried out during the last few years and our contribution to the jeans industry to turn it into a case study that can be translated to the rest of garments manufacturing, starting a new era with a completely sustainable and digital production.”

On-demand production, sustainable and digital

DenimFWD’s Urban Factory minimizes delivery times and can produce up to 5,000 jeans and 4,000 t-shirts a day sustainably and efficiently. Its Eco-sustainable operating model for advanced digital production integrates Jeanologia hardware and software. These bring five fundamental benefits to the textile industry: being eco-efficient, scalable, agile, digital and having a neutral cost: connecting designers, producers, and consumers.

DenimFWD is transforming the industry by producing what is sold instead of selling what is produced, reducing operational costs and environmental impact, guaranteeing zero discharge.

Among the main Jeanologia technologies used by Urban Factory are laser, G2 Ozone, e-Flow, SmartBox, ColorBox, EIM (software for measuring environmental impact) and H2Zero (the first water treatment and recycling system that produces zero discharge without extra costs).

It will have the first active Handman in the United States, allowing production automation with robots and humans to achieve agile, clean, and scalable production.

Also, eDesigner will give designers a tool for making digital designing easier, faster, and more dynamic since what they see on the screen is what they get in the finishing.

Posted December 21, 2021

Source: Jeanologia

LT Apparel Group’s $57 Million Expansion Adding A Minimum Of 116 Jobs In North Carolina With Greensboro Expansion Project

RALEIGH, N.C.— December 16, 2021 — LT Apparel Group, a manufacturer of childrenswear apparel, is expanding operations in North Carolina with an investment of at least $57 million in Greensboro. The company’s project will add a minimum of 116 new jobs to the community and will help increase industrial capacity at the Reedy Fork Corporate Park.

“Manufacturers continue to choose North Carolina for expansion projects that are critical to their bottom line,” said Governor Roy Cooper. “LT Apparel Group’s decision demonstrates confidence in our workforce and the growth of our state.”

LT Apparel Group, with headquarters in New York City, designs, sources, manufactures, and markets children’s apparel. The company’s family of brands includes adidas Kids, Carhartt Kids, and its owned brand, French Toast, the leader in schoolwear for kids. The company will maintain its design center in Greensboro as it adds new capacity and warehousing space in the city.

“Our operations here in Greensboro have come full circle,” said Richard Sutton, CEO, LT Apparel Group. “From designing products in Revolution Mill to warehousing and distributing them from Brown Summit, LT Apparel is part of the fabric of this community, and we’re committed to remain so. After a long search for our new home, it became clear that Greensboro was the right choice for us. We appreciate the support we’ve received from all the state and local partners, and we look forward to growing our company in North Carolina.”

“North Carolina’s investment in education and workforce training makes a real contribution to our state’s success in economic development,” said North Carolina Commerce Secretary Machelle Baker Sanders. “Our new First in Talent strategic plan recognizes this impact and recommends myriad ways we can grow our workforce in this very competitive business environment.”

The company’s new jobs will yield an average salary of $50,235, in line with Guilford County’s average annual wage. Once the project’s new jobs are in place, the local region will benefit from a more than $4 million payroll impact in the community, each and every year.

A performance-based grant of $200,000 from the One North Carolina Fund to Lollytogs, LTD, which does business as LT Apparel Group, is a component of the company’s project in Greensboro. Company performance targets tied to the grant include the creation of 88 jobs and an investment of $17 million. The One NC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All OneNC grants require a matching grant from local governments and any award is contingent upon that condition being met.

A $500,000 grant to the City of Greensboro from the state’s Industrial Development Fund – Utility Account will also support the project, providing water and sewer accessibility that will also benefit other customers in the Reedy Fork Corporate Park area.

“We’re excited to see LT Apparel Group expand their business beyond the design center that’s been a part of our community for some time,” said N.C. Representative Jon Hardister. “Greensboro is proud to support this company’s growth as they strengthen their presence in our community.”

“When an existing industry expands in our community, it’s a strong vote of confidence in our region,” said N.C. Senator Michael Garrett. “We welcome LT Apparel Group’s decision to grow in Greensboro and I look forward to seeing how these new jobs and investment will move our community forward.”

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, the Rural Infrastructure Authority, the North Carolina Department of Transportation, the City of Greensboro, Guilford County, the Greensboro Chamber of Commerce, The Guilford County Workforce Development Board, Duke Energy, Piedmont Natural Gas and High Point Economic Development Corporation.

Posted: December 21, 2021

Source: North Carolina Office of the Governor

Hexion Inc. Announces Pernis Site Expansion

COLUMBUS, Ohio — December 21, 2021 — Hexion Inc. today announced plans to expand production of epichlorohydrin (ECH) at its Pernis, the Netherlands, manufacturing site, while also leveraging more sustainable technologies when completed.

As part of Hexion’s Coating and Composites business unit’s broader investment plan to drive innovation and growth aligned with the company’s overall sustainability commitment, the planned expansion will add 25,000 metric tons of annual capacity and utilize biobased renewable feedstocks by leveraging glycerin-to-epichlorohydrin (GTE) production technology, and support the reduction in overall energy intensity of ECH production at the Pernis site.

“This expansion will enable us to efficiently serve our customers as they grow and also positions the epoxy business to be further aligned with the longer-term sustainability trends going forward,” said Ann Frederix, senior vice president, Coatings and Composites.

The planned expansion will occur over the next three years with production start-up anticipated in late 2024.

Posted: December 21, 2021

Source: Hexion Inc.

Skechers Announces New Operations In The Philippines

MANILA, Philippines — December 20, 2021 — Skechers, The Comfort Technology Company™, today announced that it has transitioned its operations in the Philippines from a third-party distributor to Skechers USA Philippines Inc. in order to maximize the brand’s growth prospects in the region.

“The Philippines has immense potential for Skechers, and with our dedicated team focused on growth and delivering the integrated capabilities of Skechers, we believe this step accelerates that potential,” said David Weinberg, COO of Skechers USA Inc. “With Skechers’ appealing lifestyle collections, groundbreaking comfort innovations and our corporate support, we believe the Philippines can become a key market for us in Southeast Asia.”

“Skechers is a global brand that many Filipino consumers already know and love. With this new dedicated approach, we will be able to reach more of the 100 million men, women and children in this country and offer them a wider selection of great Skechers products through expanded channels,” added Suzette Pasustento, country manager for Skechers USA Philippines. “We are presently in the first phase of reestablishing the brand in the market: setting up new offices in Manila, implementing a distribution center, and we opened our first new store this month. In 2022, we will introduce new product categories, open more retail locations and expand our door count with new retailers, as well as launch a comprehensive marketing campaign.”

Known for its comfort, style, quality and innovations, a full range of the brand’s lifestyle and performance footwear and apparel will be available in Skechers retail stores, including the recently opened location in Alabang Town Center and another in Ayala Malls Manila Bay planned to open this week. Another 10 to 12 additional concept stores are planned for the first half of 2022. Skechers will also be available in key department and specialty stores — including Planet Sports and The SM Store.

Skechers’ prior distributor in the Philippines, Trendworks International, will continue to sell Skechers products through the end of 2021.

Posted: December 21, 2021

Source: SKECHERS USA Inc.

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