Lenzing plans investment in TreeToTextile
08/10/2024
For Dr. Roxana Barbieru, CEO of TreeToTextile, the new shareholder will “significantly” increase “our speed to market”.
TreeToTextile AB was established in 2014 by Swedish entrepreneur Lars Stigsson. It achieved proof of concept for its production process in 2017. Stora Enso joined the company in 2019, and the two partners announced the creation of a demo plant in Nymölla, a former Stora Enso site, in 2021. With additional support from the Swedish Energy Agency, it began operating in 2024 and the first bale of fibre was produced this past June.
Based in Austria, the Lenzing Group is one of the leading producers of branded manmade cellulosic yarns, with a nominal fibre production capacity of 1.1 million tonnes. The company was founded in 1938, its revenues were €2.52 billion in 2023, and it employs just under 8,000 people.
No financial details were revealed, and the agreement is pending merger control and regulatory approval from relevant authorities.
Image courtesy of TreeToTextile
Share this story:
