IFC Picks Factory Site for Infinna Fiber Set to Supply Inditex, H&M, PVH
June 21 2022 - 4:48AM
Dow Jones News
By Joshua Kirby
Finland's Infinited Fiber Company has chosen a site for the
first commercial-scale manufacture of its sustainable fiber
Infinna, which is set to be used by a number of major fashion
retailers.
IFC will invest 400 million euros ($420.4 million) to build the
Infinna-producing factory at a former paper mill in the Finnish
port city of Kemi, it said Monday. The factory should operate at
full production capacity of around 30,000 metric tons by 2025, IFC
said, adding that this equates to the fiber needed for some 100
million T-shirts.
Infinna is a fiber, produced from cotton-rich textile waste,
that in look and feel resembles cotton, according to IFC. Several
apparel brands have reached agreements to use the fiber in their
clothes, notably Zara parent Industria de Diseno Textil S.A.;
Inditex last month said it would buy 30% of IFC's Infinna
production from 2024, in a three-year deal worth more than EUR100
million.
Other companies that have signed Infinna purchase agreements
include Inditex's Swedish rival H&M Hennes & Mauritz AB and
Tommy Hilfiger parent PVH Corp, IFC said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
June 21, 2022 04:33 ET (08:33 GMT)
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