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Lenzing suspends 2020 guidance due to COVID-19 crisis

25
Mar '20

Pic: Lenzing

As a result of global COVID-19 crisis, Lenzing expects a negative impact on its textile sales volume. The potential impact cannot yet be estimated as it strongly depends on duration of crisis as well as its further effects on global economy & textile markets. Thus, Lenzing has suspended its result forecast for 2020 as it expects it to be below level of 2019.

In order to mitigate a potentially stronger than expected decline in earnings, Lenzing has already started to implement cost saving measures across its sites globally.

The Lenzing Group stands for ecologically responsible production of specialty fibres made from the renewable raw material wood. As an innovation leader, Lenzing is a partner of global textile and nonwoven manufacturers and drives many new technological developments.

The Lenzing Group’s high-quality fibers form the basis for a variety of textile applications ranging from elegant ladies clothing to versatile denims and high-performance sports clothing. Due to their consistent high quality, their biodegradability and compostability Lenzing fibres are also highly suitable for hygiene products and agricultural applications.

The business model of the Lenzing Group goes far beyond that of a traditional fibre producer. Together with its customers and partners, Lenzing develops innovative products along the value chain, creating added value for consumers. The Lenzing Group strives for the efficient utilization and processing of all raw materials and offers solutions to help redirect the textile sector towards a closed-loop economy.

Fibre2Fashion News Desk (PC)

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