Glen Raven Announces Next Phase Of $250 Million Capacity Expansion Plan

BURLINGTON, N.C. — July 21, 2021 — As part of its ongoing commitment to support customers, expand capacity and meet record demand for its Sunbrella® performance fabrics, Glen Raven Inc. announces the next round of significant investments in facilities and infrastructure. These investments represent phase two of a multi-phase expansion plan and are specifically focused on growing Glen Raven’s U.S. capacity. They will include additional production facilities and a new distribution center in the U.S., as well as additional equipment to increase output levels for Glen Raven’s Custom Fabrics division, which includes Sunbrella fabrics.

Glen Raven’s phase two investments build on its phase one investments to expand production at all levels, from yarn to finished fabric. Phase three planning is underway and details will be announced at a later date. The total of all three phases amounts to $250 million in investments and will increase the company’s production capabilities by more than 30 percent, in addition to creating over 400 additional jobs across the country.

“As with many other industries, we’ve continued to battle unforeseen supply chain disruptions and raw material shortages,” said Dave Swers, president of Glen Raven Custom Fabrics. “We’re producing more Sunbrella fabric than ever before and are committed to investing a quarter of a billion dollars in our operations to support our customers in the long term. We’re doing everything possible to better meet their expectations today and return to the service levels that have defined our reputation in the industry for decades.”

Phase two investments include:

  • A new spun-yarn plant co-located with Glen Raven’s existing Norlina, N.C., facility to increase production output by more than double current amounts with approximately 315,000 additional square feet.
  • Construction of a new distribution center in the U.S. with expanded inspection and sampling capabilities.
  • A new modular finishing system to expand U.S. finishing capacity.
  • Highly-customized new equipment, which has already been ordered. This equipment will not only increase capacity but also operate more efficiently, supporting the company’s sustainability goals.

“We’re going to keep focusing on our partnerships and building for the future as demonstrated by these actions,” said Swers. “We remain resilient and determined to implement strategic initiatives that will make a positive and lasting impact for our customers, employees and the textile industry as a whole.”

Posted July 22, 2021

Source: Glen Raven Inc.

Swimwear Brands Attracted To Hyosung’s Sustainable And Performance  Fiber Solutions

SEOUL — July 22, 2021 — With the future of our planet top of mind, consumers are increasingly more eco-conscious, and swim brands are taking notice — and action — by adding more sustainable options to their swimwear collections.

Two sustainable fiber solutions swimwear brands have recently adopted Hyosung’s 100-percent recycled Mipan® regen nylon and regen polyester made from reclaimed waste. Both of these fibers are recognized and certified by the Global Recycled Standard (GRS) of the Control Union in the Netherlands for their energy saving benefits, which include saving valuable resources from being removed from the earth.

O’Neill swimwear recently developed a line of women’s swimwear made with Hyosung’s Mipan regen nylon as part of its new O’Neill Blue sustainable collection, honoring its founder, Jack O’Neill’s, commitment to protect our oceans.

In an effort to use materials produced by recycling plastic waste, popular Korean-based brand, Daze Dayz known for its 70’s inspired retro-fashion with a contemporary twist, has developed an extensive swimwear line made with Hyosung’s regen polyester made from recycled bottles.

“We are experiencing tremendous interest in our 100-percent recycled, GRS-certified Mipan regen nylon and regen polyester; and we’ve made significant investments to increase our capacity to meet demand” said Mike Simko, global marketing director Hyosung -Textiles.

Hyosung recently signed a Memorandum of Understanding (MOU) with Busan metropolitan government and a social venture, Netspa, to produce an eco-friendly nylon by recycling abandoned fishing nets. The partnership was formed to reduce the pollution of marine ecosystems caused by these nets, and to also increase awareness of marine environment protection.  Hyosung will invest in the development and commercialization of the material derived from fishing nets, which it will call Mipan regen Ocean, later this year.

While its sustainable fibers have made recent news in the swimwear market, Hyosung’s flagship fiber, creora spandex, has been a key ingredient used by many prominent swimwear brands for years such as Speedo, Sloggi, Next, Panache and more, due to its long-lasting durability.

creora spandex is the world’s largest spandex brand, supplying the broadest range of stretch fiber offerings supported by exceptional technology and quality.

Of Hyosung’s many creora spandex offerings, its creora highclo™, creora Power Fit and creora color +, have unique benefits for developed for swimwear.

  • creora highclo spandex is designed to overcome spandex’s vulnerability to chlorine damage. It improves swimwear fabric durability, delivers long-lasting fit and shape retention.
  • creora Power Fit spandex is engineered to provide superior shaping and compression. It is chlorine and bleach resistant; and also allows for exceptional color in blends with polyester.
  • creora color + spandex allows for deep, vivid and long-lasting color in blends with nylon.

“Sustainability, in the form of either recycled materials or fibers to help materials last longer, has opened up an entire world of opportunity to innovate and bring value to the industry and newness to the consumer,” Simko said.

Posted July 22, 2021

Source: Hyosung

SINTX Enters Ceramic Armor Market Through Purchase Of Assets From B4C, LLC And Technology License From Precision Ceramics USA

SALT LAKE CITY — July 22, 2021 — SINTX Technologies Inc., an original equipment manufacturer (OEM) of silicon nitride ceramic for medical and non-medical applications, announced today that it has entered an asset purchase agreement with B4C LLC of Dayton, Ohio, to acquire the equipment and technical processes required to make ballistic armor plates. Separately, SINTX also entered into a technology license agreement with Precision Ceramics USA Inc. to manufacture a ceramic composite for defense armor applications.

Ceramic materials are an integral part of modern armor systems because of their light weight and resistance to high velocity projectiles. Governments worldwide are investing in novel ceramic armor solutions to protect law enforcement and military personnel as well as vehicles, aircraft, and ships against high-intensity threats. B4C is a specialty producer of boron carbide, a ceramic material used in the manufacture of protective body armor plates. Precision Ceramics USA is an international expert in technical ceramic component solutions.

Through its newly-created and wholly-owned subsidiary called SINTX Armor, the Company plans to utilize a two-pronged strategy. The assets acquired from B4C will be used to manufacture and market pure boron carbide — the highest strength ceramic armor available. These are designed to protect soldiers against hardened, high-velocity projectiles, against which other materials are not as effective. Additionally, SINTX will jointly develop and manufacture a special, lower cost composite of boron carbide and silicon carbide, under an exclusive license from Precision Ceramics USA. The composite material is targeted at the law enforcement and civilian armor markets.

“The agreement with SINTX is exciting and will open new markets for our respective businesses,” said Sohail Amer, chairman of Precision Ceramics USA. “We are looking forward to combining our industry and product knowledge with SINTX’s expertise in materials science to create high-tech, innovative solutions that are unmatched in today’s market. Precision Ceramics is committed to working closely with SINTX to make this venture a success.”

“With equipment and expertise acquired from B4C, LLC, and the license from Precision Ceramics in place, SINTX intends to apply its material science expertise toward the development of personnel, aircraft, and vehicle armor,” said Dr. Sonny Bal, president, and CEO, SINTX Technologies. “This is a very significant diversification of our products into the U.S. military, Department of Defense, and law enforcement segments. All of us at SINTX take particular pride at this opportunity and feel great responsibility to protect and serve our fellow citizens who risk their lives for our safety.”

Going forward, Don Bray, vice president of Business Development at SINTX will focus entirely on industrial and armor ceramics. SINTX expects to hire additional personnel who will assume responsibilities in the antipathogenic business segment as well as additional staff to support the armor business as the Company transitions the assets purchased in Dayton to Salt Lake City over the coming months.

Advisory services related to the B4C asset purchase were provided by Ascendiant Capital Markets.

Posted July 22, 2021

Source: SINTX Technologies, Inc.

Customer Service Of Oerlikon Neumag Offers Regular Inspection And Cleaning In Order To Ensure Superlative Meltblown-Machine Performance And Nonwovens’ Quality

NEUMÜNSTER, Germany — July 22, 2021 — In order to ensure superlative meltblown-machine performance and nonwovens’ quality, Customer Service of Oerlikon Neumag offers regular inspection and cleaning of the spinning body, either by means of a service contract or simply as a service-on-demand. Die body maintenance can either be carried out at the customer site or at the Oerlikon Neumag assembly facilities in Neumünster.

During service visits, we repeatedly encounter die bodies that are heavily contaminated or that have been scratched as a result of customers’ cleaning attempts. It is for this reason that we offer die body cleaning as a qualified manufacturer service. We have the experience, the know-how and the technical capacities to carry out this work both professionally and swiftly”, explains Michael Schwarz, Technical Sales Manager for Modification Nonwoven, talking about the rationale behind this service product.

Depending on the general conditions, professional cleaning takes approx. one week. “We systematically ensure that system down times are kept to an absolute minimum and we are correspondingly constantly optimizing our processes and offerings. To this end, we recommend — for example — that customers acquire an additional die body, which they are able to swiftly exchange themselves. The removed die body can then be sent to Neumünster for cleaning, which can be carried out without time constraints. This investment generally pays dividends over several years with customers with high quality demands and for whom on-site cleaning would — due to the distances involved — be too expensive or time-consuming,” explained Tilmann Seidel, head of Customer Services Oerlikon Neumag, speaking about the responsibility as a service provider.

Posted July 22, 2021

Source: Oerlikon

University Of North Carolina, The BrandR Group Launch First-Of-Its-Kind Group Licensing Program For Current Student-Athletes

CHAPEL HILL, N.C. — July 21, 2021 — The University of North Carolina and The BrandR Group (TBG) have launched the first-ever Group Licensing Program for current NCAA student-athletes. The innovative initiative extends new opportunities for all Tar Heels to profit from using their Name, Image and Likeness and builds on the early success of Carolina’s Alumni Group Rights program, which launched in April. This new program invites all of UNC’s current student-athletes to join a voluntary group licensing program, which will allow them to benefit from their NIL in conjunction with UNC’s official trademarks and logos.

The recent changes in the NCAA’s rules regarding NIL have paved the way for this historic opportunity. As part of this groundbreaking program, current Tar Heel student-athletes will have the chance to be marketed in groups of three or more within their sport or six or more across multiple sports in co-branded licensing and marketing programs with UNC’s Intellectual Property. TBG will develop licensing opportunities on behalf of the student-athletes in apparel and non-apparel categories and other co-branded sponsorships. Participation in the Group Licensing Program is voluntary and does not restrict the student-athlete’s individual NIL rights, meaning they may still negotiate opportunities outside of the program.

“This is an outstanding opportunity because it will allow our student-athletes to benefit, together, with our trademarks and logos — and to have more choices and chances to collectively benefit from their NIL,” said Bubba Cunningham, Carolina’s Director of Athletics. “I have long supported the group licensing concept because it can positively impact so many student-athletes. I’m proud that Carolina is the first program to support college athletes, past and present, through group licensing.”

TBG has industry-leading experience creating and managing similar programs with professional player associations and recently launched the Alumni Group Rights Program with UNC and other schools. TBG will work adjacent to the school’s licensing agency partner to identify prospective licensees and ensure student-athletes receive favorable opportunities. Student-athletes will receive a portion of the net revenues from cobranded programs. TBG will serve as a seamless point of continuity and expertise for developing collegiate group licensing opportunities for athletes while they are in college at UNC, during their professional careers and as alumni (whether or not they compete professionally).

“We are incredibly excited to be able to bring these new, previously untapped opportunities to current UNC student-athletes through this historic program,” said Wesley Haynes, founder and president of TBG. “Our company was founded on the development of group licensing programs for the college market. To now represent the lifecycle of athletes from college to professionals to alumni puts us in a position to maximize opportunities for many of these athletes on a group basis.”

For decades, products that combine team logos and player names and numbers have accounted for a large portion of licensed sports merchandise sales at the professional level. This innovative project opens the door for the same opportunities for current student-athletes at the collegiate level.

Posted July 21, 2021

Source: The BrandR Group

Kassia Davis Relaunches Iconic American Sneaker Brand PF Flyers

BOSTON — July 21, 2021 — PF Flyers, the classic American sneaker brand, has been acquired from New Balance by Kassia Davis, who will serve as the brand’s executive chairwoman. Relaunching in September 2021, the first collection will include men’s, women’s, and children’s product in several key styles. A waitlist will be available on the PF Flyers website for consumers to sign-up and be notified ahead of the first drop.

Davis, entrepreneur and also the founder of KADA, a new clothing brand featuring sustainably made, elevated essentials for the modern woman, joins a small club of female executives in both the sneaker and footwear industry at large.

“During my 10+ years in the sneaker industry, I learned that there were very few women in positions of leadership for me to look up to,” said Davis. “Throughout my career, I also realized my passion for creative design and branding. I have always seen the tremendous potential for the PF Flyers brand and look forward to relaunching this true American classic.”

On the creative front, PENSOLE, led by Founder, D’Wayne Edwards, and former Design Director, Brand Jordan, will lead the brand’s creative direction for the first year. He also joins PF Flyers’ board as a founding member.

“At this stage of my career with PENSOLE, I get excited about opportunities to use sneakers as a tool to educate and inspire consumers on what is possible. What Kassia is doing with the relaunch of PF Flyers is very important to the future of our industry. Our consumers need to see who they can become and Kassia is doing exactly that,” said D’Wayne Edwards, founder, PENSOLE.

Classic styles will be available for order this coming September, with new styles launching in subsequent collections. Relaunch styles include the “Center Hi” ($68) and “Center Lo” ($58) available in black, white, red, and navy, as well as the “Sandlot” ($78) in black. All children’s styles will be priced at $48.

Posted July 21, 2021

Source: PF Flyers

Italian Textile Machinery: Pandemic Accelerates Digital Transformation Process In Textile Sector

MILAN — July 21, 2021 — The Covid-19 pandemic that hit the world a year ago has also severely impacted the textile machinery sector. At ACIMIT’s general assembly, the association representing the Italian textile machinery manufacturers, this was seen as an opportunity to consider what the sector had lost in 2020, while also presenting a variety of future projects to relaunch the industry.

In 2020, Italy’s production of textile machinery fell by 22 percent compared to the previous year, with a similar drop in exports (-21 percent). Weighing heavily on this situation was a near total stop in production between the first and second quarter of 2020, while the recovery in the second half of the year was only partial. Travel restrictions have contributed negatively to performance in the industry, and still do not allow companies to seize the opportunities created by a recovery of the textile sector.

ACIMIT president Alessandro Zucchi commented that, “in this first half of 2021, however, the overall economic situation appears to be improving both in terms of exports and in our own domestic market in Italy. The resumption of trade fair events in attendance in our sector has provided a positive sign of a progressive return to normal business conditions.”

Nonetheless, for many companies the pandemic’s legacy has also had a positive side. “Entrepreneurs in the industry have realized the urgency of enacting a digital transformation of their business,” stated Zucchi. “This is precisely why ACIMIT has accelerated its Digital Label project for certifying Italian textile machinery that adopt a common set of data, in order to more easily integrate with the operating systems of their client businesses (ERP, MES, CRM, etc.).”

“The competitive edge of each individual company, as for the entire industry,” recalled ACIMIT’s president, “will increasingly depend on the level of digitalization to which we will have been able to elevate our production and organizational processes. ACIMIT’s digital certification wants to achieve this goal.”

In addition, the general assembly confirmed Alessandro Zucchi, who is CEO and partner of the company Ferraro, as the ACIMIT’s president for two more years. Also confirmed were the charges of Federico Businaro as vice president (Santex Rimar Group), Cristian Locatelli (Marzoli, Camozzi Group) and Andrea Piattelli (Unitech). The latter are joined by Ugo Ghilardi (Itema Group), elected vice president for the first time.

Lastly, during the assembly ACIMIT awarded a historic group of associated machinery producers, which since ACIMIT’s founding in 1945, or from its inception (companies that entered the group prior to 1950), have been a part of the Association. These companies are: Crosta, Gaudino, Marzoli, Mezzera (a brand owned by Reggiani), Noseda, O.C.T.I.R. (an Autefa Solutions Italy brand), Reggiani, Sant’Andrea, Savio and Zonco.

Posted July 21, 2021

Source: ACIMIT

Shawmut Unveils Renovated State-Of-The-Art Technical Center In Burlington, N.C.

West Bridgewater, Mass. — July 21, 2021 — Today, Shawmut Corp. unveiled new renovations at its Park Avenue Technical Center, one of the largest and most technologically advanced fabric finishing operations in the US, located in Burlington, N.C. The updates offer Shawmut customers easier access to the company’s advanced materials design and collaboration facilities and provide increased speed, agility, and flexibility for custom solutions development. Customers visiting the facility will have access to Shawmut’s world-class design, engineering, technical, and program management staff, all under one roof.

The Park Avenue Technical Center renovations augment Shawmut’s existing 180,000-square-foot facility with a new multi-story program and technical development center with state-of-the-art customer meeting and collaboration capabilities. The overall facility, which includes office, lab, manufacturing, and warehouse space for the location’s 145 employees, features:

  • A newly constructed office and customer experience wing;
  • A rapid color formulation center;
  • Technical, quality, and color labs; and
  • Investments in on-site customer collaboration and accelerated product development processes.

“The southeast is a hub for the U.S. textile industry, and the updates we have made to our Park Avenue Technical Center, in the heart of this region, will allow us to further our commitment to helping customers solve pressing business challenges rapidly through advanced materials innovation,” said James Wyner, CEO of Shawmut Corp. “Innovation is at the heart of everything we do at Shawmut and providing our employees with new customer experience spaces will only foster greater thinking and ingenuity for our world-class team of engineers, designers, and marketers to continue creating better materials solutions for our customers.”

The Technical Center supports several of Shawmut’s core markets, including Military & Protective, Health & Safety, and Custom Solutions; however, the main output at the facility is Automotive-related advanced materials. Shawmut is the majority supplier of laminated automotive headliner materials in North America. More than 50 percent of all cars produced today for the North American market have headliner materials from this facility. In addition to headliners, the company also makes laminated materials for automotive pillars, sun visors, sunshades and panoramic roof roller shades, seating, door and trim laminations, package trays, and parcel shelves.

A More Sustainable Manufacturing Facility

As the world becomes more invested in sustainability efforts, so too does Shawmut’s commitment to a more sustainable future through material innovation and environmental management. Shawmut’s Park Avenue Technical Center is the company’s first ISO 14001 certified facility. It is 100-percent landfill-free, with less than 1 percent of the waste from the Technical Center going to a landfill, and instead repurposed through recycling and other external sustainability operations. Locally, the facility is recognized in the top 1 percent of businesses for safety and culture activities by the state of North Carolina and is a member of the Carolina Star program that recognizes worksites that are self-sufficient in their ability to control hazards at the worksite. Additionally, Shawmut has made strides in its water conservation efforts at the Park Avenue Technical Center, cutting water usage by nearly 75 percent over the past several years.

Sustainability Efforts by the Numbers:

  • 704,627 gallons of fossil fuels saved by recycling instead of producing virgin products;
  • 1,076 trees saved by recycling all paper and pulp products;
  • 2,629,416 metric tons of CO2 saved by recycling instead of landfilling; and
  • 3,650,257 kWh of energy saved by recycling instead of producing virgin products.

“At Shawmut, we pride ourselves in our ability to quickly adapt to changes in the industries we serve to ensure we are meeting the dynamic needs of our customers,” said Eddie Gant, Jr., senior operations director at Shawmut and manager of the Park Avenue Technical Center. “Our customers are prioritizing improving their sustainability, and we want to support their goals with products that can play a role in a more sustainable future. We are committed to doing our part to reduce CO2 emissions, developing new processes and protocols to consume less energy and water and produce less waste for our company and our customers.”

Posted July 21, 2021

Source: Shawmut Corp.

Global Luxury Group, Ermenegildo Zegna Group, To Become A Publicly Traded Company Listed On NYSE By Combining With Investindustrial Acquisition Corp.

MILAN — July 19, 2021 — Ermenegildo Zegna Group, a world-renowned Italian luxury house, and Investindustrial Acquisition Corp. (IIAC), a special purpose acquisition corporation sponsored by investment subsidiaries of Investindustrial VII L.P., announced today a definitive business agreement that is expected to make Zegna a public company listed on the New York Stock Exchange later this year.

Zegna Group CEO Ermenegildo “Gildo” Zegna said: “Over 111 years ago, my grandfather and namesake founded Zegna with the belief that caring for both the natural environment and for people was the bedrock for creating the finest textiles and a successful brand. Since then, we have proudly followed in his footsteps to become one of Italy’s true luxury houses. Today’s announcement underscores the success of our strategy of continuously focusing on the Group’s brand equity while also continuing to build upon our heritage, our ethos of sustainability, and the unique craftsmanship that has made our name synonymous with quality and luxury around the world. The Zegna family will remain at the Company’s helm following the transaction’s completion, and we will continue to invest in creativity, innovation, talent, and technology in order to sustain Zegna’s leadership position in the global luxury market.”

Since its founding in 1910 by the company’s namesake, Ermenegildo Zegna, the group has evolved from a producer of textiles and menswear into a leading purveyor of luxury goods to clients around the globe. While the Zegna brand remains the group’s flagship label and an emblem of Italian excellence, in 2018 Zegna acquired the majority stake in American luxury fashion brand Thom Browne. The brand’s growing success under Zegna’s ownership is yet another example of the group’s ability to grow through acquisitions by creating prospects for integration and efficiency. Zegna’s management has capitalized on the unique strengths of Thom Browne, namely its consistency and name recognition, its younger customer base, its high digital penetration, and its iconic collections, doubling Thom Browne’s revenues since 2018 as a result.

Over the past years, Zegna has strengthened its one-of-a-kind Made in Italy luxury textile laboratory platform through the acquisition of Italian textile manufacturers. The platform is a key competitive advantage alongside the group’s ready-to-wear and Made-to-Measure offerings. It is the provider of choice for some of the world’s most highly regarded luxury names while also supplying the finest materials to the group’s own brands.

As of December 31, 2020, the group has a presence in 80 countries through 296 directly operated stores, and this year, the group expects annual sales to approach those of 2019. In 1991, Zegna was the first luxury menswear brand to open in China, and Greater China accounted for 35% of the company’s apparel, accessories and textile revenues in 2019.

Also importantly, Zegna has expanded its leadership in the luxury leisurewear segment, growing this category from 38% of sales in 2016 to over 50% in 2021 YTD, all while maintaining its leadership position in the heritage formalwear segment. The company has also successfully attracted a new generation of customers through partnerships and collaborations that have further elevated the brand’s name with younger consumers.

Upon closing of the transaction, which is expected to occur in the fourth quarter of this year subject to customary approvals and conditions and to IIAC’s shareholders’ vote, the Zegna family will continue to control the company with a stake of approximately 62 percent. Based on the transaction value, the merged entity will have an anticipated initial enterprise value of $3.2 billion with an expected market capitalization of $2.5 billion.

Andrea C. Bonomi, Founder of Investindustrial and Chairman of the Industrial Advisory Board, said: “For over thirty years, Investindustrial has invested in and supported both growing and leading Italian brands. We believe in the strength of Made in Italy, which has always been recognized worldwide for quality, craftsmanship, and innovation. With Zegna we identified a group that also includes both a strong family heritage and a leading position in sustainability – one of the pillars in Investindustrial’s investment strategy. We are supporting the Zegna Group with a long-term commitment and a significant investment to back the Company’s ongoing expansion and growth, with the goal of spreading Zegna’s unparalleled heritage and luxury craftmanship more broadly to customers around the world.”

Sergio Ermotti, Chairman of Investindustrial Acquisition Corp., said: “Our special purpose acquisition corporation was created for transactions like this one: taking public a well managed company with strong fundamentals and growth potential like Zegna. Our goal now is to support Zegna in this important new chapter of its history while opening the opportunity to the public to invest in one of the last great iconic independent luxury brands.”

On July 18, 2021, IIAC entered into a definitive agreement to combine with Zegna with a combination of stock and cash financing. The transaction is expected to deliver approximately $880 million of gross proceeds, consisting of IIAC’s $403 million cash held in trust, a fully committed $250 million PIPE — which, in light of strong investor demand, was upsized by $50m vs the original target amount — and approximately $225 million in a forward purchase agreement with Strategic Holding Group S.à.r.l., an independently managed investment subsidiary of Investindustrial VII L.P. (SSH). Under the forward purchase agreement, SSH will invest approximately $225 million which, together with relevant Sponsor promote shares, will provide them with circa 11 percent of the Company. SSH’s investment will be subject to a lock-up of up to three years, demonstrating their strong commitment to the Company and alignment with the Zegna family.

The PIPE has attracted strong interest from a diverse group of high profile institutional investors, including a large commitment by a leading US-based global asset manager. The PIPE saw the participation of several of the most prominent names in the luxury industry, alongside the support of members of Zegna’s Board of Directors and the Group’s Executives. The combination of the investors participating in the PIPE and IIAC shareholder register provides a well diversified and high profile investor base which will help consolidate Zegna’s success in the public equity markets.

The Boards of Directors of both IIAC and Zegna have each unanimously approved the proposed transaction, which is expected to close by the fourth quarter of 2021, subject to customary approvals and conditions and to IIAC’s shareholders’ vote.

Advisors

UBS Investment Bank is acting as exclusive financial advisor to Ermenegildo Zegna Group with a team led by UBS Italy Country Head Riccardo Mulone, and as co-lead placement agent on the PIPE.

Sullivan & Cromwell is acting as legal advisor to Ermenegildo Zegna Group. Deutsche Bank, Goldman Sachs Bank Europe, SE – Succursale Italiana, JP Morgan Securities Plc and Mediobanca are acting as financial advisors to Investindustrial Acquisition Corp. Deutsche Bank, Goldman Sachs & Co.LLC and JP Morgan Securities Plc are acting as co-lead placement agents on the PIPE. Mediobanca is providing a fairness opinion to Investindustrial Acquisition Corp.’s Board of Directors. Chiomenti and Kirkland & Ellis are acting as legal advisor to Investindustrial Acquisition Corp. Shearman & Sterling is acting as legal advisor to the placement agents.

Posted July 20, 2021

Source: Ermenegildo Zegna Group

Putting Textiles To Good Use: Accelerating Circularity Calls For System Trial Partners

CAMPBELL HALL, N.Y. — July 20, 2021 — Accelerating Circularity Inc. today released plans for U.S. trials of commercial scale textile-to-textile systems in its latest report, “Putting Textiles to Good Use.”

The report concisely presents the rationale and goals for the trials, including ambitious content minimums of 40-percent recycled blends and 20-percent post-consumer inputs for all trials. In response to stakeholder demand, the report also lays out the role, benefits, and responsibilities of each prospective participant.

The group proposes specific trials targeting post-industrial and post-consumer feedstocks, mechanical and chemical recycling technologies, recycled cotton, polyester, and man-made cellulosic fibers, and several finished product categories. These serve as a starting point for Trial Partner collaboration within the project that will generate multiple circular textile products at mass retail scale. Brand and retail partners have the option to buy-in at several stages in the process to maximize the potential for the circular fibers to be plugged into existing commercial supply chains. Several major brands and supply chain partners — including those on Accelerating Circularity’s US Steering Committee — have already opted into the project.

U.S. Project Manager Janel Twogood noted: “Architect and engineer Buckminster Fuller gave us this piece of advice, ‘To change something, build a new model that makes the existing model obsolete.’ The fashion and textile industry is embracing historic commitments. Accelerating Circularity is facilitating the engagement of an entire supply chain system to design nothing short of a new model, one that is economically, environmentally, and socially sustainable. The time is right for a systems approach to measure what we can do now and what needs to be built to meet our obligations.”

Read the full report at www.acceleratingcircularity.org/research, and register to become a Trial Partner via www.acceleratingcircularity.org/stakeholder-registry.

Posted July 20, 2021

Source: Accelerating Circularity

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