Business
Rieter wins major follow-up order from DIW
On July 16, 2024, Rieter and Shanghai Digital Intelligence World Industrial Technology Group Co., Ltd. (DIW) have signed a purchase contract for more than 700 of the company's winding machines Autoconer X6. This represents the largest order in the history of Rieter China. The agreement also strengthens the strategic partnership between the two companies that aims to develop state-of-the-art spinning operations and achieve unprecedented levels of quality, productivity and efficiency.
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Sandler deals with the energy crisis
The nonwovens specialist is looking back on a difficult financial year 2023. Meanwhile, energy prices have declined, and the measures introduced are taking effect.
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CARBIOS and Zhink Group enter official discussions for long-term partnership to build PET biorecycling industrial capacities in China
CARBIOS, (Euronext Growth Paris : ALCRB), a pioneer in the development and industrialization of biological technologies to reinvent the life cycle of plastic and textiles, and Zhink Group, one of China’s Top 500 Private Enterprises, specializing in two global industries, PET and textiles, announce today the signing of a joint Letter of Intent to build a biorecycling plant in China using CARBIOS’ revolutionary enzymatic depolymerization technology to serve the global market.
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Rieter to install world’s first complete air-jet spinning system with J 70 technology
Guangxi Baisheng Textile Co., Ltd. signed an agreement with Rieter to implement the world’s first complete spinning process using Rieter’s latest air-jet spinning technology J 70. This project will elevate automation levels and reduce conversion costs at Baisheng’s operations, setting a new benchmark in air-jet spinning in terms of quality and productivity.
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Lenzing welcomes new core shareholder Suzano S/A
The Lenzing Group, a leading supplier of regenerated cellulose fibers for the textile and nonwovens industries, learned today that Lenzing's main shareholder B&C Group and the Brazilian pulp producer Suzano S/A have signed a long-term partnership in connection with the majority stake in Lenzing. As part of this agreement, Suzano S/A will take over a 15 percent stake in Lenzing AG from B&C Group.
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Autoneum delivers significant increase in operating result
Autoneum significantly increased its revenue consolidated in Swiss francs by CHF 109.8 million to CHF 1 212.3 million compared to the prior-year period, supported by inorganic growth. In a slightly declining market, the Company succeeded in increasing its EBIT margin excluding special effects by 1.3 percentage points to 5.4%. A solid net result of CHF 36.1 million was generated in the first half-year of 2024. Due to the positive margin development, the Company now expects an EBIT margin of 5.0% to 5.5% for the current financial year (previously 4.5% to 5.5%).
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The business situation continues to stagnate, casting a shadow on year-end expectations
The May 2024 ITMF Global Textile Industry Survey (GTIS) indicates a continued stagnation in the textile business climate, with a marginal improvement of the economic situation due to more companies deeming business “satisfactory”. On the other hand, business expectations have stagnated in positive territory for a year, reflecting optimism rather than actual improvement, as the entire supply chain suffers from a lack of orders and high costs that affect profit margins.
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Business
H&M Group reports robust Q2 and six-month performance
The H&M Group has reported a robust performance in the second quarter (March 1, 2024 – May 31, 2024), with net sales rising by 3% to SEK 59,605 million. Gross profit surged by 11% to SEK 33,569 million, improving the gross margin to 56.3%. Operating profit increased significantly to SEK 7,098 million, achieving an operating margin of 11.9%. Adjusted operating profit stood at SEK 7,297 million. The result after tax soared by 52% to SEK 4,995 million.
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Biosorbe buys Renewcell’s facility in Kristinehamn
Biosorbe has recently been given the opportunity to purchase new factory premises in Kristinehamn, which was previously owned by Renewcell. Renewcell’s business idea was to recycle textile waste to create new textile fibers. Biosorbe, on the other hand, produces oil-absorption materials. Despite these differences, the factory is still suitable for Biosorbe’s purposes.
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VF Corporation reports fourth quarter revenue and earnings and exceeds fy24 cash flow expectations
VF Corporation reported financial results for its fourth quarter (Q4'FY24) and fiscal year ended March 30, 2024 (FY24). Bracken Darrell, President and CEO, said: "In Q4, we made progress advancing our Reinvent transformation program. We closed the fiscal year with further inventory reductions helping us deliver $1 billion in operating cash flow and over $800 million in free cash flow, exceeding our guidance. "
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Business
Products made with forced labour to be banned from EU single market
Suspected use of forced labour to be investigated and, if proven, products to be withdrawn from the market // Attention to products coming from areas with a high risk of state-imposed forced labour //Products may be allowed back on the market if forced labour is eliminated from the supply chain
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Kornit Digital with new partnership
Ball & Doggett forges strategic partnership with Kornit Digital for dynamic Print-on-Demand services across Australia
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H&M Hennes & Mauritz with increased profit in first quarter 24
In the first quarter (1 December 2023 – 29 february 2024) the H&M group’s net sales amounted to SEK 53,699 m (54,872). Gross profit increased by 7 percent to SEK 27,655 m (25,886). This corresponds to a gross margin of 51.5 percent (47.2). Operating profit amounted to SEK 2,077 m (725), corresponding to an operating margin of 3.9 percent (1.3). Adjusted for result from investments in associated companies and joint ventures of SEK -14 m (999) the operating profit amounted to SEK 2,091 m (-274), corresponding to an improvement in profit of SEK 2,365 m.
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