Due to the predominantly positive market environment, the Lenzing Group recorded a significant improvement in sales and earnings in the first three quarters of 2021 compared to the previous year. The increasing optimism in the textile and clothing industry and the recovery in retail led to a sharp rise in demand and prices in the global fiber market, especially at the beginning of the current financial year.
Mr. Thomas Obendrauf, Chief Financial Officer of the Lenzing Group, said, “Lenzing can look forward to a strong 2021 financial year so far. The demand for our wood-based, biodegradable specialty fibers of the brands TENCEL ™, LENZING ™ ECOVERO ™, and VEOCEL ™ developed very positively. We are strategically staying on course, and the largest investment program in Lenzing’s history is still going according to plan. With the imminent commissioning of the lyocell plant in Thailand, we will reach an extremely important milestone for us and our goals of changing the textile and nonwovens industries over the long term.”
The key highlights of Lenzing’s press release include:
- Strong operating result despite continuously rising energy, raw material, and logistics costs
- Major strategic projects on track – the lyocell plant in Thailand will start operating at the end of the year
- Biodegradability of LENZING ™ fibers confirmed by the renowned marine research institute at the University of California, San Diego – an effective alternative to environmental pollution from plastic waste
- MSCI ESG names Lenzing a “Sustainability Champion.”
- Cord Prinzhorn takes over as interim CEO – forecast for 2021 remains unchanged
The report and its findings could conclude that brands and consumers are becoming aware of using sustainable products. The trend is promising, and it is hoped that it will continue further in the near future.
