MAS secures $100m supply of HeiQ AeoniQ
Sri Lankan clothing manufacturer MAS Holdings has obtained a stake in textile technology developer HeiQ’s “climate-positive” cellulosic yarn business AeoniQ, first launched in October 2021 as an alternative to petroleum-based polyester and nylon.
MAS has secured a five-year offtake agreement to purchase 3,000 tons of AeoniQ filament yarn in 2025, followed by 5,000 tons every year between 2026 to 2029.
The total purchase value is expected to be in the region of $100 million.
“MAS’ investment and offtake agreement serves as resounding proof that leading textiles value chain players recognise HeiQ AeoniQ as the ultimate game-changer, placing their trust in its transformative power,” commented HeiQ group chief executive, Carlo Centonze.
Mr Centonze described the deal as “a natural result of the confidence built over [the] decade that HeiQ and MAS have been doing business together.”
Image: HeiQ.
