Lenzing Board Approved $300mn Capital Outlay

In an Extraordinary general meeting, Lenzing’s board approved an increase in share capital of €300 million to help it expand its nonwoven fibers business. The allotment, which comes in exchange for cash contributions while preserving statutory subscription, will fund the company’s Grow Nonwovens, Reset Textiles strategy which was announced in July.

The plan calls for improvements to Lenzing’s global fiber manufacturing sites as well as a decrease in capacity of standard viscose fibers for textile applications. Generation fibers for nonwovens applications, especially in the hygiene segment, are supported by long-term contracts with leading companies in the nonwovens industry.  Lenzing is also advancing the commercialization of Lenzing Nonwoven Technology in collaboration with strategic partners, providing competitive and sustainable alternatives for the market.