TIME100 Most Influential Companies 2025: Fervo Energy
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Yahoo
24 minutes ago
- Yahoo
H&M Group inks multi-year Circulose partnership
This story was originally published on Fashion Dive. To receive daily news and insights, subscribe to our free daily Fashion Dive newsletter. H&M Group has signed a deal with recycled textile manufacturer Circulose, according to a Friday press release. Through the multi-year partnership, the Sweden-based fast fashion retailer said it will source 'significant volumes' of Circulose's fiber for its collections. The material, which Circulose makes from recycled cotton waste, will replace 'a substantial share of the virgin viscose used across the group,' per the release. The announcement follows similar news from fast fashion retailer Mango, which said earlier in June that it also planned to incorporate Circulose's fibers into its supply chain. The decision to incorporate more of Circulose's recycled fiber materials into its supply chain is a continuation of a partnership that began in 2020, said Cecilia Strömblad Brännsten, head of resource use and circularity at H&M Group. 'Investing in next-generation materials is essential to achieving our goal: ensuring that 100% of our materials are recycled or sustainably sourced by 2030,' Strömblad Brännsten said in the release. 'Scaling access to these solutions is key to accelerating the shift towards a circular economy for fashion.' H&M Group recently received relatively high marks for its sustainability efforts from nonprofit environmental group which awarded the retailer an overall score of 'B+' for its progress toward decarbonizing its supply chain. In addition, the 2025 Corporate Climate Responsibility Monitor reported last month that H&M Group's greenhouse gas emission reduction goals for 2030 are aligned with the Paris Agreement. Circulose, formerly known as Renewcell, appointed former H&M Group CEO Helena Helmersson as chairman of its board in November 2024, at the same time the company named former McKinsey & Company partner Jonatan Janmark as its CEO. The executive changes were part of a larger rebrand strategy following the company's acquisition last year by Sweden-based investment firm Altor, which bought then-Renewcell out of bankruptcy in June 2024. 'H&M Group has been a driving force in advancing sustainable and circular solutions in fashion, and a long-time supporter and early adopter of CIRCULOSE — dating back to the Renewcell days,' said Janmark in last week's release. 'We're proud and grateful to now formalize this new partnership to accelerate CIRCULOSE adoption at scale. Their commitment plays a critical role in helping us reaching the volumes needed to restart our factory.' Circulose's pulp material is made entirely from textile waste rather than virgin resources, per the release. The resulting product can be transformed into man-made cellulosic fibers such as viscose and lyocell, and those fibers can be spun into yarns, or woven or knitted into fabrics. Last month, Circulose announced the launch of Circulose Forward, a digital platform created in partnership with nonprofit group Canopy, that is designed to help brands integrate Circulose into their supply chains. Recommended Reading Recycled textile pulp facility opens in China Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28 minutes ago
- Yahoo
Louisiana bank to enter Dallas with its second Texas deal
Six years after entering Texas, Louisiana-based Investar Holding Corp. is going much bigger in the Lone Star State with a deal for the $1.6 billion-asset Wichita Falls Bancshares. Acquiring Wichita Falls, the holding company for the 36-year-old First National Bank, would add $1.2 billion of Texas-based deposits, including $364 million in the rapidly growing Dallas-Forth Worth Metroplex, where First National operates five branches. It would also significantly alter Investar's funding profile by raising the level of Texas-based deposits, currently at 6%, to 37% for the pro forma company. In a press release, Investar CEO John D'Angelo described the merger, which is expected to close in the fourth quarter, as "a pivotal moment in the history of Investar Bank and a defining milestone for our company." To help fund the purchase, Baton Rouge-based Investar announced the completion of a private placement of $32.5 million in preferred stock on Tuesday. The company said it would use the stock-sale proceeds to support the acquisition and for general corporate purposes, "including organic growth and other potential acquisitions." An Investar spokesperson did not immediately respond to a request for comment on the company's level of interest in pursuing more M&A deals. Investar agreed to pay about $84 million in cash and stock for Wichita Falls, which is based in the North Texas city of the same name. Investors appear to favor the transaction. Shares in Investar were trading up nearly 6% midday Wednesday at $21.56 per share. Investar entered Texas in 2019 by acquiring the $125 million-asset Mainland Bank in Texas City. Following the completion of the deal announced Tuesday, the combined company would start with $4 billion of assets, $3.3 billion of loans and $3.5 billion of deposits. Investar is projecting 2026 earnings of $3.08 per share, reflecting 35% accretion. Investar reported earnings per share of $2.06 in 2024 and $1.69 in 2023. "We believe this merger creates more long-term value for our customers, communities and shareholders," Wichita Falls President David Flack said in the press release. "It will allow us to bring new products and services to our customers while keeping the same banking locations and trusted local bankers." The sale to Investar "provides a great opportunity to enhance strategic synergies through combined resources," Stan Pinkham, the president and CEO of First National Bank, said in the release. Founded by D'Angelo in 2006, the $2.7 billion-asset Investar has frequently employed M&A to fuel its growth. Investar acquired the $249 million-asset Citizens Bancshares in Ville Platte, Louisiana, for $46 million in July 2017. Five months later, in December 2017, the company was able to bulk up in its core Baton Rouge market, completing a $22 million deal for the $131 million-asset BOJ Bancshares. In recent years, Investar has pursued a multistate expansion strategy. It bought Cheha Financial Group in Oxford, Alabama, for $41 million in April contrast with Investar, which is a significant commercial and small business lender, Wichita Falls has focused on mortgage lending. In addition to its seven branches, it operates two mortgage offices. As of March 31, one-to-four-family mortgages made up just under half of its $1.1 billion loan portfolio. Investar said it plans to sell $200 million of mortgages to reduce the pro forma company's residential loan concentration and pay down corporate debt and noncore deposits. The announcement that Investar expects the deal to close in about five months is in keeping with a growing trend of more timely M&A decisions by regulators. In a research note Monday, Seaport Research Partners Senior Analyst Laurie Havener Hunsicker noted that 10 of the 21 bank deals announced in January and February 2025 have already closed.
Hamilton Spectator
29 minutes ago
- Hamilton Spectator
B.C. is easing rules on upfront costs for homebuilders to spur project construction
The British Columbia government is loosening the rules for payment of development fees in a bid to jump start home construction that has been hampered by upfront costs. Housing Minister Ravi Kahlon says among the biggest changes will be more flexible and extended payment timelines for homebuilders, so instead of paying development fees up front, they will pay 25 per cent at permit approval and 75 per cent when the building is occupied. Developers will also have four years, rather than two, to pay the charges, in rule changes that Kahlon says are needed because the current market conditions have stalled projects in the province. While some municipalities want letters of credit from a bank as a promise the work will be done, that can restrict a developer's access to credit, so the government will also change the regulations provincewide to allow for the financial guarantee of on-demand surety bonds. Kahlon says the rule changes could mean the difference between some housing projects moving ahead or not happening at all, due to high construction costs and interest rates that create financial burden for builders. Anne McMullin, president of the Urban Development Institute, says the requirement to pay development fees upfront has become increasingly onerous for builders, especially as fees rise and access to capital tightens. 'By shifting payment to occupancy, the provincial government is enabling more projects to move forward,' she told a news conference on Wednesday. In June, Vancouver-based Wesgroup Properties president Beau Jarvis said in a post on social media that the company had to lay off employees in what was a reflection of the broader realities facing the industry, with housing projects across the country being cancelled or delayed because they are no longer viable. Jarvis said they were also delivering homes that people couldn't afford to purchase. 'I will say it again — This is a cost-of-delivery crisis,' he said on LinkedIn. Kahlon said those were exactly the type of concerns for homebuilding that the B.C. government is trying to address. 'It means housing will be built faster and cheaper in our communities,' Kahlon said. 'And these kind of solutions sound maybe not as grand, but they are significant in the sense that they will make the difference between projects happening and projects not happening.' This report by The Canadian Press was first published July 2, 2025. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
