Business
COVID-19 impacts revenue and earnings of the Lenzing Group in the first half of 2020
In the first half of 2020, the Lenzing Group faced a historically difficult market environment with increased pressure on prices and volumes resulting from the COVID-19 crisis. To counteract that, Lenzing intensified its cooperation with partners along the value chains and adjusted its production volumes and sales prices to market reality. The disciplined implementation of the sCore TEN corporate strategy and the focus on specialty fibers continued to have a positive impact.
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“The past quarter brought unprecedented challenges for our business as large parts of the world were in lockdown. I'm grateful for the relentless and agile efforts of our teams, which enabled us to take the right actions for our consumers, our partners and the company. We addressed the challenges and went after opportunities, as reflected in our e-com business nearly doubling in Q2,” said adidas CEO Kasper Rorsted. “We are now seeing the light at the end of the tunnel as the normalization in the physical business continues, with the vast majority of our stores being operational again.”
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Due to COVID-19, a large number of spinning mills have stopped production worldwide. Since the end of March 2020, this has led to low demand for spare partsand wear & tear parts and delays in testing programs during the development of new machines. Customers are postponing investment projects or unable to implement them due to restrictions imposed by national governments. This results in low demand for new machines.
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In a historically difficult market environment with increased pressure on prices and volumes resulting from the COVID-19 crisis, the Lenzing Group held its ground well in the first quarter of 2020. Thanks to a diversified business model and its global footprint on the one hand, and the disciplined implementation of the sCore TEN corporate strategy on the other, the effect on the revenue and earnings development was partially offset.
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Following the announcement of the offer published in September 2019 for Freudenberg’s planned acquisition of Low & Bonar PLC, the formal application for approval under the EU Merger Regulation (“EUMR”) from the European Commission (“Commission”) was submitted in March 2020 following extensive preliminary discussions and in agreement with the Commission. A decision on the application was received on April 17, 2020.
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Suominen has signed a credit facility agreement linked to sustainability targets
Suominen has entered into a single-currency syndicated revolving credit facility agreement of EUR 100 million with a maturity of three years with two one-year extension options. The lenders for the facility are Danske Bank A/S, Finland Branch and Nordea. The new credit facility includes leverage ratio and gearing as financial covenants.
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VF Corporation Brands donate nearly USD 55,000 to Outdoor Industry Association
VF Corporation, one of the world’s largest apparel, footwear and accessories companies, today announced that some of its brands, including The North Face®, Timberland®, Icebreaker®, Smartwool®, Eagle Creek®, and Altra® will donate 15 percent of their Outdoor Retailer Summer Market refund to Outdoor Industry Association (OIA). The funds will directly support OIA’s small business members by providing the necessary tools, resources, and advocacy to help them get through the COVID-19 crisis, as well as help sustain OIA’s core mission-driven work.
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Business
The H&M group gives a brief financial update on the ongoing Covid-19 situation
In view of the current situation the H&M group considers it appropriate to provide a brief financial update. The safety of employees and customers is the H&M group’s highest priority. Based on decisions by authorities and local market conditions, around 80 percent of the group’s stores have been closed since mid-March. From the end of April onwards the H&M group started gradually reopening stores in a number of markets.
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Oerlikon shareholders approved all resolutions via the Independent Proxy
A total of 71.95% of share capital were represented at the 47. Annual General Meeting of Shareholders (AGM) via the authority that was granted by shareholders to the Independent Proxy, Proxy Voting Services GmbH. Shareholders did not attend the AGM in person in line with the ordinance from the Federal Council of Switzerland in the fight against the coronavirus.
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Trevira looks back on an eventful year 2019
Global economic conditions deteriorated and Trevira had to face a decline in new orders in all segments of both business units (fibres and filaments). With a total turnover of approximately 208 million Euros in 2019, this result was below expectations.
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Business
Indorama Ventures acquires Californian PET recycler Green Fiber International
Indorama Ventures Public Company Limited (IVL), a global chemical manufacturer, has acquired Green Fiber International Inc. (GFI), a recycling company in Fontana, California, USA. The facility produces Recycled Polyethylene Terephthalate (rPET) Flakes. The acquisition has a combined capacity of 40,000 tonnes/annum.
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Lenzing lays the foundation stone for world’s largest lyocell fibers plant
Within the context of the foundation stone laying ceremony held on Friday, November 15, 2019, the Lenzing Group officially launched construction work in Thailand right on schedule to build the world’s largest lyocell production plant.
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Freudenberg acquires Filc
Freudenberg, the global technology group has signed a final agreement to acquire 100 percent of the shares of Filc. Filc is a producer of needle punch nonwoven textiles and laminated materials with a focus on the automotive and construction industry. Privately-owned Filc is headquartered in Škofja Loka, Slovenia, and operates two more production sites in Mengeš and Lendava, Slovenia, as well as a sales office in Dayton, OH, USA. Filc has roughly 360 employees. The transaction is subject to approval by the antitrust authorities.
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