Lenzing AG / Lenzing traces its fibers with blockchain technology. The issuer is responsible for the content of this announcement.
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? Lenzing enters the age of digital traceability ? Transparency ensured from wood to the finished garment ? Partnership with Hong Kong based TextileGenesis(TM)
Research & Development
Lenzing - The Lenzing Group, world market leader in specialty fibers made from the renewable material wood, is strengthening its leading position in sustainability in the textile industry. Lenzing will use blockchain technology to support its TENCEL(TM) branded fiber business, ensuring complete transparency and traceability for brands and consumers of its fibers in the finished garment. After evaluating various initiatives Lenzing decided to join the platform of the Hong Kong based technology company TextileGenesis TM to accomplish this ambition.
Consumers increasingly want to understand the ingredients and suppliers of the products they buy, requesting a new level of transparency and traceability. The supply chain transparency from wood to garment and home textiles will enable all customers and partners to identify TENCEL(TM) fibers and the respective wood source in each production and distribution step. Thanks to a QR code on the final garment, consumers will be able to detect the origin of the clothes they intend to buy.
"With LENZING(TM) ECOVERO(TM) branded fibers Lenzing was the frontrunner in physical traceability and is now entering the age of digital traceability. This milestone in transparency is a further strong commitment to sustainability", says Stefan Doboczky, Chief Executive Officer of the Lenzing Group. "Together with TextileGenesis(TM), we aim to create an unmatched level of transparency for brands and consumers. With this step Lenzing will further help to green up the textile industry."
Lenzing will carry out several pilot tests over the next few months involving partners along the entire value chain. Lenzing expects the platform to be fully operational as of 2020.
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Further inquiry note: Lenzing AG Mag. Waltraud Kaserer Vice President Corporate Communications & Investor Relations Tel.: +43 7672 701-2713 mailto: email@example.com
end of announcement euro adhoc
issuer: Lenzing AG
A-A-4860 Lenzing phone: +43 7672-701-0 FAX: +43 7672-96301 mail: firstname.lastname@example.org WWW: http://www.lenzing.com ISIN: AT0000644505 indexes: ATX, WBI stockmarkets: Wien language: English