- ✤ Lenzing purchases a minority stake in TreeToTextile AB, a Swedish startup that produces cellulosic fiber
- ⬒ Forms alliances with H&M Group, Inter IKEA Group, Stora Enso, and LSCS Invest
- ⬒ Collaboration for next-generation cellulose fibers
Lenzing: In addition to the current shareholders H&M Group, Inter IKEA Group, Stora Enso, and LSCS Invest, The Lenzing Group, a prominent provider of regenerated cellulose fibers for the textile and nonwovens sectors, announces the acquisition of a minority share in TreeToTextile AB. The founders’ shared conviction that fibers generated sustainably will have the ability to improve the textile industry unites them.
For more than 85 years, the Lenzing Group has been manufacturing dissolving wood pulp and sustainably regenerated cellulosic fibers. We lead the charge to make the fiber business more ecologically friendly with our fibers sold under the TENCELTM, LENZINGTM, ECOVEROTM, and VEOCELTM trademarks. CEO of the Lenzing Group Rohit Aggarwal states, “We are excited about TreeToTextile’s award-winning technology and production process, which further reduces environmental impact, promotes the transition to a more sustainable future, and is fully in line with our corporate strategy.” “This collaboration represents a substantial financial commitment and demonstrates Lenzing’s unwavering dedication to innovation by fusing the strength of its own innovation engine with a smart, cooperative approach. We are eager to support TreeToTextile’s goals with our knowledge.
“Now with the additional expertise and sustainability leadership of our new shareholder Lenzing Group, our speed to market will increase significantly, to reach our ambitious goals and become an important player in the textile industry,” says Dr. Roxana Barbieru, CEO of TreeToTextile.
In 2014, TreeToTextile was founded as a joint venture with the goal of creating a more environmentally friendly method of producing cellulosic fiber. The business invested in a demonstration plant in 2021 and has been running pilot lines since 2015. The company’s next phase of development will involve increasing production and make its fibers available on the market.
The transaction is anticipated to be completed by the first half of 2025, pending regulatory approvals.
