Polymateria Open-Sources Recyclability Data To Show First Plastic Material To Be Both Recyclable And Biodegradable

LONDON — February 25, 2021 — Polymateria, who in 2020 became the first company to evidence full biodegradation of plastic in the open environment*, has today open-sourced data showing that its Biotransformation technology is recyclable as well as biodegradable.

Heralding a step forward in the shift to a more circular economy, polyethylene filmcontaining Polymateria’s Biotransformation technology has been shown to meet accepted industry protocol for recyclability through independent testing.

Polymateria’s technology demonstrates that the vision of a truly circular economy is possible. An economy where materials are reused or recycled as a matter of priority while allowing any items escaping the system to return to nature without causing any harm. By uniquely time-controlling when biodegradation will start, Polymateria’s technology allows time for recycling to take place before biodegradation is triggered.

Through open-sourcing its data, Polymateria invites other companies to work together to build a truly circular economy. The company is looking forward to working with plastic manufacturers, consumer brands and recyclers to unite the value chain and bring the circular economy vision to life.

Biodegradation of material containing Polymateria’s technology is verified by the British Standard Institution’s (BSI) new PAS 9017 standard for the Biodegradation of polyolefins in an open-air terrestrial environment which was launched in late 2020. The first of its kind, the standard sets a series of stringent pass/fail criteria ensuring full biodegradation with no microplastics or ecotoxicity left behind.

The open-sourced recyclability report from Impact Solutions can be found here. https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.impact-solutions.co.uk%2Frecyclability-evaluation-protocol-for-pe-films%2F&esheet=52385549&newsitemid=20210225005481&lan=en-US&anchor=here&index=2&md5=30fcc0630fc00096462e0ea8a93fc9c2

Nial Dunne, CEO of Polymateria, said: “This is a good day for all those who believe in building a circular economy. For too long, it has been assumed that biodegradable material cannot also be recycled. Our technology is changing perceptions. Products containing our technology should be recycled as a matter of priority, but any items escaping the system will return to nature at the right time without causing any harm. As enablers of a circular economy, we invite the industry to join the growing number of partners working with us to bring a circular economy vision to life.”

Dr Christopher Wallis, Polymateria senior vice president of Innovations, said: “I am pleased with the technical recyclability results achieved through the independent testing conducted by Impact Solutions. With these results, we can demonstrate that material containing our technology meets current industry protocol for mechanical recycling of polyolefins.”

Dr Michail Kalloudis, director of Polymer Science at Impact Solutions, said: “Our independent research clearly demonstrates that polyethele film containing Polymateria’s Biotransfromation masterbatch is recyclable within normal mechanical recycling streams. We tested the material stringently against recycling industry protocol.”

Dr Simon Hepworth, director of Enterprise at Imperial College London, said: “We are delighted to see the progress being made by Polymateria, first at the White City Incubator and now within the Translation & Innovation Hub (I-HUB), joining a range of deep tech companies and remaining part of Imperial’s entrepreneurial ecosystem. As a science-focused business developing technology to address global environmental challenges, we’re proud to see them flourish and to continue our role in supporting Polymateria’s efforts to build a circular economy.”

Technical note: Polyethelene film containing Polymateria’s masterbatch technology was tested by Impact Solutions, UK. The report can be accessed here. https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.impact-solutions.co.uk%2Frecyclability-evaluation-protocol-for-pe-films%2F&esheet=52385549&newsitemid=20210225005481&lan=en-US&anchor=here&index=3&md5=2a3c4e0958813042022b44b27b9a3799

*Recyclability was tested and proven against the Recyclass “Recyclability Assessment Protocols for PE Films” version 1.0 published on September 6th 2018.

https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Frecyclass.eu%2Fwp-content%2Fuploads%2F2019%2F07%2FRecyClass-Recyclability-Evaluation-Protocol-for-PE-Films-06-09-2018.pdf&esheet=52385549&newsitemid=20210225005481&lan=en-US&anchor=Recyclability+Assessment+Protocols+for+PE+Films&index=4&md5=a9d1aee1f51e21fb98ff812a1a9a2fb4

Posted February 25, 2021

Source: Polymateria

Fabletics Expands Into At-Home Fitness Market With Launch Of New Workout App

EL SEGUNDO, Calif. — February 25, 2021 — Fabletics today announced the launch of Fabletics FIT, a new app with hundreds of on-demand workouts, meditations and more, designed to meet the growing demand for immersive, at-home fitness experiences. The new app is part of a series of initiatives by Fabletics to develop a 360 health and wellness experience for customers.

Fabletics FIT was created in response to feedback from its 2 million+ VIP member customer base and the past year’s global surge in home workouts. Uniquely leveraging the brand’s enhanced data, proprietary technology and predictive shopping platforms across the TechStyle Fashion Group portfolio, Fabletics FIT delivers the most curated and popular content experience in health and wellness available today.

“After a record-breaking year thanks to the growing interest in home-workouts, Fabletics is looking beyond apparel to meet the expectations of our customer base who are exploring new ways to stay fit at home,” commented Adam Goldenberg, Co-Founder and CEO, Fabletics. “Based on the response from our members to date, we believe a growing presence in health and wellness content will provide Fabletics an exciting opportunity to propel future growth.”

Access to Fabletics FIT is included in the Fabletics VIP Membership as a new perk and offered to non-members for $14.95 per month. Early insights gleaned from a recent beta period demonstrate high user engagement, with more than 100,000 workouts taken in under one month.

Fabletics FIT brings the Fabletics brand experience to life, connecting users from the comfort of their homes to Fabletics’s network of high profile instructors from popular Los Angeles studios as well as health experts leading hundreds of innovative on-demand fitness classes. Utilizing Fabletics’s in-house studios to produce high quality fitness content, the app aims to mirror the experience and quality of premium Los Angeles studio classes, with wide variety across categories including Barre, Cardio, Dance, HIIT, Meditation, Pilates, Stretch, Toning, Yoga and Recovery. Recognizing the growing interest in at-home mindfulness, the app also features a range of meditations, including for beginners, sleep, stress, anxiety, focus, personal growth and more.

Incorporating the Fabletics shopping experience, Fabletics FIT offers incentives such as apparel discounts in exchange for meeting fitness challenges. Unlike most existing fitness apps, Fabletics FIT also features seamless music integration through a partnership with Spotify which allows users to connect and play their own curated playlists while working out, with music layered in with instructor voices during classes.

Fabletics is also exploring various fitness content partnerships to continue enhancing the Fabletics FIT experience, beginning with an expanded collaboration with Hydrow, the at-home rowing machine with live and on-demand athlete-led workouts. As part of the official launch of Fabletics FIT, users will have access to exclusive Hydrow instructor-led rowing and strength workouts.

Fabletics first partnered with Hydrow in October 2020 as their exclusive apparel partner and to deliver an immersive fitness experience, opening long-term Hydrow Pop-Up shops across Fabletics’s fleet of retail stores. As part of the partnership, the two companies have collaborated on offering exclusive access for Fabletics’s community of over 2 million VIP members, including members-only pricing on Hydrow machines and subscriptions, custom apparel and accessories, and unique fitness content.

The new initiatives follow a year of record growth for Fabletics, in which the brand surpassed $500m in annual revenue and launched a men’s line, Fabletics Men, together with actor and comedian Kevin Hart. Betting on the return of retail, the brand continued to reach new customers by opening 11 new brick-and-mortar locations as it implemented new safety measures to safely reopen its existing fleet of storefronts. Today the brand operates 50 retail stores across the country, with further expansion planned for 2021.

Posted February 25, 2021

Source: Fabletics

Siren Announces First Fully Integrated Remote Patient Monitoring Solution In Podiatry

SAN FRANCISCO — February 25, 2021 — Siren, a health technology company that pioneered the development of microsensor-embedded textiles for medical applications, announced that it is augmenting its Siren Socks product offering by launching Siren Staffing, a remote patient monitoring (RPM) program. Initial customers include StrideCare and Village Podiatry Centers.

Siren Socks continuously track foot temperature and were developed to help patients living with diabetes manage their foot health more effectively. Temperature monitoring has been clinically established as an important physiologic marker of injury and is recommended as a tool to detect and prevent diabetic foot ulcers (DFUs). DFUs occur in 25 percent of people with diabetes, accounting for over $43 billion in annual healthcare costs in the United States and are the leading cause of amputations.

Siren Staffing builds on the benefits of Siren Socks by utilizing licensed practical nurses to coordinate RPM activities with podiatric practices. Program nurses monitor temperature data collected by Siren Socks and contact patients who may be at risk of developing injuries to evaluate the status of their feet.

“With Siren Staffing, we now offer the first fully integrated remote patient monitoring solution in podiatry,” said Ran Ma, Siren co-founder and CEO. “We have combined an easy to use monitoring device, continuous data recording and analysis using proprietary algorithms, and a staff of trained nurses into a cohesive, end-to-end offering that allows any podiatric practice to successfully implement RPM and help patients avoid complications arising from foot ulcers.”

“Implementing Siren Staffing has made my practice more efficient and effective,” said Dr. Gavin Ripp, DPM, of Premier Podiatry & Orthopedics in Northern California. “The team works closely together to monitor patients and coordinate care with our systems. The result is that I am able to quickly act with greater information. This comprehensive solution allows us to monitor more patients to detect signs of inflammation and injury earlier and intervene effectively.”

Posted February 25, 2021

Source: Siren Care

OrthoLite® Creates World’s First And Only Aerogel-Infused Open Cell PU-Foam: Cold-Weather Footwear Solution

AMHERST, Mass. — February 25, 2021 — OrthoLite®, provider of branded, high performance and comfort footwear solutions, unveils OrthoLite O-Therm™, an innovative new thermal insole technology that sets a new standard in cold-weather footwear protection. O-Therm offers all of the known benefits of open-cell PU-foam, while combining the world’s lightest and most insulative cold barrier protection. This technology is only possible with O-Therm’s proprietary aerogel’s unmatched thermal properties and is unrivaled in any other footwear offering. For the consumer, this means your feet will stay warmer, you can stay outdoors longer, feel more comfortable, perform better and go farther in cold weather conditions.

O-Therm is the first and only aerogel-infused, open-cell PU foam. This new technology creates a thermal barrier that blocks the cold and maintains footwear temperature regulation. Using an advanced aerogel, the world’s most insulating material, the proprietary combination of materials in O-Therm delivers unmatched thermal insulation and all-day comfort underfoot for cold-weather protection.

“OrthoLite’s proprietary aerogel is O-Therm’s secret sauce,” explained Rob Falken, vice president of Innovation at OrthoLite. “Our advanced aerogel traps micro-pockets of air without the need for loft, and it won’t lose its effectiveness when compressed under foot. OrthoLite’s aerogel is unlike any other aerogel solution in that it is nano-porous inside of a multi-porous structure, and that creates a supreme thermal barrier which blocks both cold and heat. In addition, O-Therm’s advanced silica aerogel powder is the lightest man-made material, weighing in at only three times the weight of air,” Falken notes.

O-Therm advanced aerogel is also exceptionally hydrophobic, which means it repels water and moves moisture away from the foot to provide a drier, more comfortable shoe environment. Exclusive to OrthoLite, this proprietary advanced aerogel requires no special handling or encapsulation – a world’s first.

OrthoLite worked with third-party thermal test laboratory, New York City-based Vartest Laboratories, to quantify the thermal performance of O-Therm aerogel insoles under extreme cold conditions -78°C (-108°F). The third-party test results validate that O-Therm is a breathable thermal barrier that is 54% more effective on average in comparative testing to other thermal insoles when tested at -78°C (-108°F).

O-Therm retains all of the comfort and performance benefits of OrthoLite open cell PU foam. O-Therm is a 2mm base-layer thermal foam that can be combined with a wide range of OrthoLite top-layer foams to create a custom insole solution tailored to a broad range of footwear categories, including: outdoor, casual, work, ski and snowboard, fashion, and other cold weather footwear categories. The innate thinness and moldability of O-Therm also makes it an ideal thermal barrier solution for footwear linings and strobel layers—bringing unsurpassed cold block technology without adding bulk or weight.

“We are proud to introduce this new thermal innovation to the footwear industry,” said John Barrett, president of OrthoLite. “We see tremendous potential in the market — in cold weather footwear applications and beyond.”

As a vertically integrated U.S. company with facilities around the world, OrthoLite collaborates with its brand partners to create and produce custom insole formulations that deliver unrivaled comfort and performance.

Posted February 25, 2021

Source: OrthoLite®

Spinners Looking Forward To 2021 Rebound

By Jim Phillips, Yarn Market Editor

For a number of spinners, 2020 was a tumultuous year. What started out on an unusually high note rapidly crashed and burned when the COVID-19 pandemic virtually shut down the global economy.

Businesses closed, or were open only sporadically. Orders kept plummeting. The low point, according to several spinners, was around the transition from the second to third quarters.

Some spinners saw revenue drops of 20 to 40 percent. “The outlook was bleak around mid-year,” said one spinner.  “Big companies were taking a huge hit, and some smaller companies were in danger of folding completely.”

Fortunately, some spinners found a place in the personal protective equipment (PPE) space and were able to recoup some of the revenue lost from other sources.  The bulk of PPE material, however, is made in China, which prompted some trade groups to call for the establishment of more U.S. production.

Yet, when things seemed darkest and with no end in sight, business began picking up again. As many consumers became resigned to the concept of “sheltering in place,” online orders began flooding in. The holiday season was much more robust than any would have imagined just a month or two earlier.

“A big boost for business came when people unable to leave their homes began looking around and assessing what they needed around the house,” said one industry professional.  “There was a significant increase in orders for home fashions — sheets, bedroom accessories, towels, washcloths and the like. The demand for home furnishings increased. And a lot of people went back to work.”

For some spinners, the uptick in business was almost enough to offset earlier losses. Some came close — or even met — pre-pandemic yearly forecasts.

Now, with the start-up of massive vaccine distribution, spinners look forward to a better 2021, hoping for a year similar to — or better than — the one they had forecast for 2020.  “Once it is safe to be among large numbers of people, I expect you will see a massive increase in consumer spending,” said an industry analyst. “Having been semi-quarantined for so long, a lot of people are going to want new wardrobes, new cars and new luxuries. All of this promises good times for spinners and the rest of the U.S. fiber/textile/apparel complex.”

Yarn Manufacturers, Fabricators And Finishers Face Possible New Regulations

Spinners, weavers, knitters and dye houses, have come under increasing scrutiny over the past few years because of their impact on the environment. Even further, according to The National Law Review, more issues have arisen over alleged supply-chain transparency, climate-related disclosures, and misleading environmental and sustainability claims.

“Globally, climate disclosures are increasingly changing from voluntary to mandatory, recognizing the importance to investors of understanding climate risks, as well as corporate environmental impacts,” according to the publication. “The U.S. may be the next to follow this trend. The Biden Administration has announced its intent to require ‘public companies to disclose climate risks and greenhouse gas emissions in their operations and supply chains, presumably by amending current U.S. Securities and Exchange Commission reporting requirements. The process of making such disclosures mandatory, as opposed to part of a voluntary sustainability disclosure framework.”

Misleading statements have also become an issue. The U.S. Federal Trade Commission has brought enforcement actions against several “name” retailers, such as Nordstrom, Bed Bath & Beyond and Macy’s for claiming products were made from eco-friendly bamboo when the products were actually made from rayon yarn.

Also at issue are products incorrectly labeled. The USDA’s “Organic Oversight and Enforcement Update Summary of Activities – May 2019” report details numerous activities taken again products deceptively labeled as organic.

The National Law review recommends that, “… given the many changes to come, U.S. fashion and textile industry stakeholders should continue to closely track legislative, regulatory and enforcement developments, particularly with respect to direction from the Biden administration on mandatory non-financial disclosures, expanded green marketing enforcement by FTC,” as well as such issues as human rights abuses by import partners.  “In addition,” the publication continues, “ensuring effective supplier oversight and accountability will help to address potential compliance risks, especially with respect to new requirements that might prevent access to key markets like the EU.”

Cotton Prices Continue To Rise

Before the beginning of the global COVID-19 pandemic, cotton prices had been trending upward. Then, beginning in February 2020, prices began falling, hitting a 10-year low by mid-year. By May 2020, spot market prices for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 27.0-28.9, and uniformity 81.0-81.9) in the seven designated markets measured by the USDA averaged 52.8 cents per pound.

However, in late 2020, prices began to rebound.  For the week ended February 4, spot market prices averaged 77.40 cents per pound.

According to various sources, several factors have combined to create such a rapid rise in prices. First, cotton production for the 2020/2021 period, which began in August, is projected to be the lowest since the 2016/2017 season. The latest U.S. Department of Agriculture (USDA) estimates indicate that world cotton production in 2020/21 is projected at 112.9 million bales—approximately 7.5 percent below 2019/20. The United States, the third-largest cotton producer, behind India and China, accounts for more than half of the decrease.

During the first week of February, buyers for domestic mills purchased a moderate volume of color 41, leaf 3, and staple 36 for second through fourth quarter delivery. Reports indicated that mills continued to incrementally increase operating schedules as warranted by increased finished product demand. Yarn demand was good. Mills continued to produce personal protective equipment for frontline workers and military supplies.

January/February 2021

Hygienically Clean Uniforms Provide Safer Work And Home Environments

WILMINGTON, Mass. — February 25, 2021 — UniFirst Corp., a North American provider of customized work uniform programs, corporate attire, and facility service products for business, has long offered hygienically clean laundering as part of its managed uniform rental services. With the coronavirus (COVID-19) pandemic shedding a renewed light on the need for hygiene, cleaning, and disinfecting, the convenience and safety of a managed, hygienically clean uniform program has become a top priority for many companies across the nation. Leading uniform suppliers such as UniFirst continue to answer that call, with programs and services that help employees stay safe and healthy on the job.

In a study performed by the Association for the Advancement of Medical Instrumentation (AAMI), “hygienically clean” is defined as “free of pathogens in sufficient numbers to cause human illness.” The primary benefit of utilizing managed uniform and industrial laundry services with properly documented laundering techniques is the drastic reduction in the risk of cross-contamination of chemicals, biological substances like bacteria and viruses, and other soiling agents between the workplace and the home.

The National Institute for Occupational Safety and Health (NIOSH)—part of the Centers for Disease Control and Prevention (CDC)—conducted a survey of contamination in workers’ homes by hazardous substances transported from the workplace. Work clothing was identified as a major route of exposure that caused various negative health effects among workers’ families. This finding is of particular importance in the healthcare industry, as frontline workers contend daily with pathogens, bacteria, and viruses that they certainly do not want to be bringing into their homes on soiled scrub apparel.

“Laundering facilities that deliver hygienically clean uniforms and workwear have the ability to regulate and control virtually all aspects of the laundering process,” says Adam Soreff, director of marketing and communications for UniFirst. “From strict temperature moderation of both washers and dryers to the use of high-powered, environmentally friendly detergents that are specifically formulated for varying industries and different types of soiling, managed uniform and laundering services provide health and safety advantages that are simply not attainable in a home setting.”

UniFirst uniform rental programs that deliver hygienically clean garments provide businesses with numerous advantages that company-managed or at-home programs simply cannot. Aside from the elimination of upfront investments, cost savings over time, and the aforementioned health and safety benefits, managed service programs also offer:

  • Enhanced business and employee image;
  • Tailored, individual sizing and fitting;
  • Customized, high-definition emblems and embroidery;
  • Regularly scheduled pickup and delivery;
  • Weekly maintenance and quality checks of all garments;
  • Automatic repairs and replacements as needed; and
  • Complete program management.

The many benefits of a UniFirst uniform rental program are clear, but perhaps nowhere more so than in the area of health and safety. Whether in the midst of a pandemic or not, the peace of mind provided by hygienically clean laundering, scheduled pickup and delivery, maintenance, and the reduced need for bringing soiled or tainted workwear home is enough to make companies nationwide choose hygienically clean uniforms for their staff.

Posted February 25, 2021

Source: UniFirst Corp.

Oerlikon Manmade Fibers Division At ITMA ASIA + CITME: Hybrid Trade Show Concept With Various Innovations For The Entire Manmade Fibers Industry

REMSCHEID, Germany — February 25, 2021 — This year’s trade fair appearance of Oerlikon’s Manmade Fibers Division at ITMA ASIA + CITME will focus on the latest machine and plant developments as well as customer services around the motto “Clean Technology. Smart Factory.” In Hall 7 of the China National Exhibition and Convention Center (NECC), Shanghai, Oerlikon will present as one of the leading suppliers for high-end technology solutions for the entire manmade fibers industry its innovations from June 12-16, 2021, at its hybrid booth A48 on more than 225 m².

Oerlikon offers its customers solutions along the textile value production chain. The division with the competence brands Oerlikon Barmag, Oerlikon Neumag and Oerlikon Nonwoven thus supplies technology “From Melt to Yarn, Fibers and Nonwovens” for PET, PP, PA6 and other materials. Accordingly, the offers at the ITMA ASIA + CITME booth will be.

Due to the travel restrictions in the context of the Corona pandemic, Oerlikon relies on a hybrid booth concept. In addition to various new component exhibits from the fields of continuous polycondensation including gear metering pumps, filament (POY, FDY, IDY, BCF) and staple fiber spinning, texturing as well as nonwovens production, the dialog with customers will now more than ever after such a long time without a fair be at the center of the trade show activities. All Oerlikon experts from outside China will be able to be connected online in order to provide comprehensive support for the trade fair visitors together with the Chinese sales staff, technologists and engineers onsite. Especially in the field of digitalization and new solutions for the “Smart Factory”, the intercontinental dialog at the whole time of the exhibition is a mandatory prerequisite for a successful trade fair.

Posted February 25, 2021

Source: Oerlikon Manmade Fibers division

COVID-19: Stimulating Investment And Shifting Supply

By Jim Borneman, Editor In Chief

Faced with a crisis, the U.S. textile industry is a dependable responsive force that provides solutions. Various war efforts throughout history have called upon the industry to answer the call and use not only its capacity, but also to innovate to heed the call.

The COVID-19 pandemic has proved to be no different. In its early days in spring 2020, the demand for and understanding of personal protection equipment (PPE) shortages were just coming to light. Test kits for the virus and the search for a vaccine were in their infancy, but came on strong.

In retrospect, there wasn’t much clarity on a response, but as information developed the U.S. textile industry along with other industries responded quickly to fill the void.

Terms like PPE and ventilators entered the common lexicon swiftly and manufacturers shifted gears.

As we enter the second year of the pandemic and as hospitalizations and death rates slow, the U.S. textile industry hasn’t wavered. More importantly, the analysis is underway.

Will demand for PPE be here to stay? Will this be a near-shoring stimulus to not get caught off-guard, short supplied again? Is it a stable enough environment to warrant the significant investment demanded? Should companies really pivot their product and manufacturing mixes to chase the opportunity?

Many would say, “Yes, you are overthinking the opportunity of a lifetime.”

In recent months, the headlines are full of announcements related to such investments: “Virginia Governor Northam Announces PPE Manufacturer To Locate In Harrisonburg;” “Shawmut Announces New Health & Safety Business Unit: Initiative Includes Manufacturing Facility Expansion, Strategic New Hires, and Investment in Equipment to Support PPE;” “C&A Tool Reconfigures To Produce U.S.-Made Face Masks;” “Kemp Administration Announces Georgia Made Medical Manufacturing Act;” “Surgical Masks By Freudenberg Receive 510(k) Clearance From The FDA;” “N.C. Governor Cooper Visits Gilero, Medical Device Manufacturer That Pivoted To Producing PPE;” and the list goes on.

In this issue, “Beverly Knits Inc.: Investing For The Future” talks about the company’s COVID-19 response. Back in April 2020, Beverly Knits was part of a coalition of some 31 U.S. textile manufacturers that came together to meet the demand for PPE. In a press release Beverly Knits’ CEO Ron Sytz stated: “We have tremendous U.S. textile companies that are retooling quickly to make these masks. The cooperation of the group is amazing in sharing information and parts as well as working together. Our goal is to make it happen as fast as possible to flatten the curve on COVID-19.” The release noted that once its facilities were qualified, production began in early April with a goal to produce 200,000 masks the first week, ramping up to 2 million masks per week shortly thereafter.

As the pandemic lingers and precautions stay in effect, the U.S. textile industry continues to rise to the occasion. Interestingly there are unforeseen consequences as product mixes shift. A manufacturer who uses a fairly ubiquitous nonwoven to make a common packaging material reported this week that he was told by the major nonwoven manufacturer it will no longer be able to supply the commodity product. The manufacturer has a one-week-supply on hand. One can only guess that the commodity capacity might be supporting shifting demand, and wonder what other shifts will occur.

January/February 2021

Indorama Ventures Announces 2020 Results

BANGKOK — February 25, 2021 — Indorama Ventures Public Co. Ltd. (IVL), a global chemical producer, announced its full year and fourth quarter 2020 financial results as follows.

2020 Performance Summary

  • IVL full year sales volumes grew 18 percent to 14.08 million tons;
  • IVL full year Core EBITDA declined 3 percent to $1.11 billion;
  • IVL full year operating cash flows grew 6 percent to $1.39 billion; and
  • Total capex of $2.6 billion in 2020 including Spindletop (IVOX), funded via $0.7 billion from operating cash flow and $1.9 billion from new debt

Platform, People, Systems

2020 stress tested our businesses, proving that we have created a portfolio that is resilient, sustainable and positioned for growth. Management team used 2020 to “prepare for growth” by re-organizing the business, building strong leadership teams at every vertical. Additionally, IVL is undergoing various transformative initiatives, on our journey towards establishing institutional excellence and efficiency. The cornerstone for operational excellence lies in the successful implementation of companywide one ERP, i.e. S4 HANA, of which we are progressing well on track.

Project Olympus

Execution of the company’s cost saving and business transformation project, named “Project Olympus”, is off to a strong start as IVL is ahead of first year plan by 21 percent or more in cost savings. Encouraged by internal assessment and outperformance, we have increased our Project Olympus ambition to deliver $610 million extra EBITDA on an annual basis by 2023 over 2019 (versus $352 million announced last year), comprising of 2,400+ Cost Transformation and Business Full Potential initiatives.

Corporate Strength

With a liquidity of $2.6 billion in Dec20 and operating cash flow of $1.39 billion in 2020, IVL is well positioned. On a pro-forma basis, IVL operating debt improved at end of 2020 over 2019, our interest rates decreased and we have locked in 70 percent of debts at these historical low rates. We anticipate to use our free cash flow of 2021 into strategic projects (including recycling growth), pay down debts, improve shareholder’s returns and IVL ROCE.

Outlook

With 123 operating sites in 33 countries we are well positioned to reap the benefits from consumptions recovery in 2021 in all three segments and the various businesses therein. With the rollout of vaccines and easing of COVID restrictions, we expect a rebound in polyester fiber demand, consequently improving PX, PTA and MEG demand and spreads, as well as demand for our Lifestyle Fibers. Increased mobility is expected to improve demand for Mobility Fibers, while higher gasoline demand is expected to improve MTBE spread. The rising crude oil price has provided a nice boost to MEG spreads, as well as to MTBE, with our shale gas advantage. Demand for our PET, Hygiene Fibers, and HVA IOD portfolios are expected to remain robust.

Aloke Lohia, Group CEO of Indorama Ventures, said: “The biggest learning for us from 2020 is that we have built a portfolio of three strong segments that provides us with diversified sources of earnings with integration and resilience, and primed for growth. We emerged from the year with no structural damage to the end markets that we serve. Safety and hygiene remain key characteristics to our offerings and the pandemic has only further proven the sustainability of our products. In 2020, we launched the company on a journey of transformation, emboldening our leaders with the right tools, and strengthening us from within with systems that will carry us forward. With this we prepare ourselves for the next chapter in our story, towards an enhanced IVL that is resilient, agile, and innovative.”

Posted February 25, 2021

Source: Indorama Ventures Public Co. Ltd. (IVL)

We aRe Spin Dye (WRSD) Continues Its Collaboration With H&M Group

STOCKHOLM — February 24, 2021 — We aRe Spin Dye (WRSD) continues its collaboration with H&M Group and today further new garments are launched in H&M Womenswear produced with recycled fibers and durable dyeing from WRSD.

The launch is completely in line with the investment and the brands that We aRe Spin Dye wants to work with in the long term.

“We are of course very happy and proud to participate as a supplier to H&M Womenswear, which is really an important milestone for us,” says We aRe SpinDyes CEO Andreas Andrén and continues, “We can thus show a good example of our production capacity which is partly scalable with immediate effect, and partly can offer a flexible price picture. We see this as a start to something very exciting and we are pleased that the market is starting to open its eyes to the resource-efficient and sustainable dyeing alternative that we offer.”

Posted February 25, 2021

Source: We aRe Spin Dye (WRSD)

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