Latest news with #Sweden-based
Time of India
2 days ago
- Automotive
- Time of India
Taiwan's Innolux unit buys former Japanese TV major Pioneer for $1.1 billion
TAIPEI: CarUX, a smart cockpit solutions provider and a subsidiary of Taiwan's display maker Innolux Corp, said on Thursday it will acquire Japan's Pioneer Corporation in a deal valued at 163.6 billion yen (around $1.1 billion). Pioneer was once a major Japanese player in consumer electronics, whose decline presaged the broader industry shake-up to come as Japanese manufacturers were unable to keep with larger, more efficient producers like South Korea's Samsung Electronics. CarUX said it has signed a definitive agreement with EQT, a global investment firm, to acquire a 100% stake in the Japanese electronics company. The deal is expected to increase CarUX's presence in the Asia-Pacific region and broaden its global product portfolio by combining its display and touch technology expertise with Pioneer's strengths in automotive sound system and Human Machine Interface (HMI) software development, the company said in a statement. "This acquisition brings strategic synergies for both CarUX and Pioneer," Innolux and CarUX Chairman Jim Hung said in a statement. CarUX said in March that it is planning a listing in the United States. Pioneer has long-standing partnerships with major Japanese and global automakers, including Toyota. Its president and CEO, Shiro Yahara, said it looks forward to collaborating with CarUX to "create the future of mobility experiences". Hung added at a press conference that Pioneer generated revenue of 240 billion yen in the fiscal year ending March 2024 and maintains a healthy financial structure, which is one of the key factors enabling the deal. Pioneer launched the world's first plasma TV in 1997 and briefly found success in the high-end segment. Pioneer was acquired in 2018 by Baring Private Equity Asia in a deal for $900 million, leading to its delisting from the Tokyo Stock Exchange. Baring was later acquired by Sweden-based EQT AB in 2022.
Fashion Network
4 days ago
- Business
- Fashion Network
H&M-backed Syre to supply recycled polyester to Gap and Target
Gap aims to use 10,000 tons of Syre's polyester chips annually, while Target will incorporate recycled polyester into a selection of the company's products, Syre said in a statement. "We will co-develop circular polyester together and it will lead to a commercial agreement over time," Syre CEO Dennis Nobelius told Reuters. He did not disclose the potential monetary value of any agreement or a timeframe. Syre produces a polyester chip, later spun into thread by its partner companies. "This partnership enables us to accelerate our progress toward realizing a more circular fashion industry," Gap's vice president of global sustainability Dan Fibiger said in the joint statement. Last year, Syre raised $100 million in a funding round to build a prototype factory in the U.S. state of North Carolina and prepare for two more plants, including one in Vietnam. The U.S. factory is expected to have a capacity of up to 10,000 tons of recycled polyester annually and become operational during 2026, while Syre aims to start construction on the Vietnam plant in 2027 to produce between 150,000 and 250,000 tons of polyester, Nobelius said. Sweden-based sportswear company Houdini has also committed to source 50% of its polyester from Syre for a three-year period, Syre said.
Fashion Network
5 days ago
- Business
- Fashion Network
H&M-backed Syre to supply recycled polyester to Gap and Target
Gap aims to use 10,000 tons of Syre's polyester chips annually, while Target will incorporate recycled polyester into a selection of the company's products, Syre said in a statement. "We will co-develop circular polyester together and it will lead to a commercial agreement over time," Syre CEO Dennis Nobelius told Reuters. He did not disclose the potential monetary value of any agreement or a timeframe. Syre produces a polyester chip, later spun into thread by its partner companies. "This partnership enables us to accelerate our progress toward realizing a more circular fashion industry," Gap's vice president of global sustainability Dan Fibiger said in the joint statement. Last year, Syre raised $100 million in a funding round to build a prototype factory in the U.S. state of North Carolina and prepare for two more plants, including one in Vietnam. The U.S. factory is expected to have a capacity of up to 10,000 tons of recycled polyester annually and become operational during 2026, while Syre aims to start construction on the Vietnam plant in 2027 to produce between 150,000 and 250,000 tons of polyester, Nobelius said. Sweden-based sportswear company Houdini has also committed to source 50% of its polyester from Syre for a three-year period, Syre said.
Fashion Network
5 days ago
- Business
- Fashion Network
H&M-backed Syre to supply recycled polyester to Gap and Target
H&M -backed textile recycling firm Syre will provide recycled polyester to U.S. retailers Gap and Target, it said on Tuesday, as demand for sustainable fashion grows. Several startups are developing technologies to recycle discarded clothes into new textiles amid increasing consumer demand, and with retailers keen to burnish their sustainability credentials and meet tougher regulations. Syre, which was co-founded by fast-fashion retailer H&M and investment group Vargas, plans to produce more than 3 million metric tons of polyester in 2032 by recycling used garments. It entered a long-term agreement with H&M last year worth a total of $600 million over seven years. Gap aims to use 10,000 tons of Syre's polyester chips annually, while Target will incorporate recycled polyester into a selection of the company's products, Syre said in a statement. "We will co-develop circular polyester together and it will lead to a commercial agreement over time," Syre CEO Dennis Nobelius told Reuters. He did not disclose the potential monetary value of any agreement or a timeframe. Syre produces a polyester chip, later spun into thread by its partner companies. "This partnership enables us to accelerate our progress toward realizing a more circular fashion industry," Gap's vice president of global sustainability Dan Fibiger said in the joint statement. Last year, Syre raised $100 million in a funding round to build a prototype factory in the U.S. state of North Carolina and prepare for two more plants, including one in Vietnam. The U.S. factory is expected to have a capacity of up to 10,000 tons of recycled polyester annually and become operational during 2026, while Syre aims to start construction on the Vietnam plant in 2027 to produce between 150,000 and 250,000 tons of polyester, Nobelius said. Sweden-based sportswear company Houdini has also committed to source 50% of its polyester from Syre for a three-year period, Syre said.
Fashion Network
5 days ago
- Business
- Fashion Network
H&M-backed Syre to supply recycled polyester to Gap and Target
H&M -backed textile recycling firm Syre will provide recycled polyester to U.S. retailers Gap and Target, it said on Tuesday, as demand for sustainable fashion grows. Several startups are developing technologies to recycle discarded clothes into new textiles amid increasing consumer demand, and with retailers keen to burnish their sustainability credentials and meet tougher regulations. Syre, which was co-founded by fast-fashion retailer H&M and investment group Vargas, plans to produce more than 3 million metric tons of polyester in 2032 by recycling used garments. It entered a long-term agreement with H&M last year worth a total of $600 million over seven years. Gap aims to use 10,000 tons of Syre's polyester chips annually, while Target will incorporate recycled polyester into a selection of the company's products, Syre said in a statement. "We will co-develop circular polyester together and it will lead to a commercial agreement over time," Syre CEO Dennis Nobelius told Reuters. He did not disclose the potential monetary value of any agreement or a timeframe. Syre produces a polyester chip, later spun into thread by its partner companies. "This partnership enables us to accelerate our progress toward realizing a more circular fashion industry," Gap's vice president of global sustainability Dan Fibiger said in the joint statement. Last year, Syre raised $100 million in a funding round to build a prototype factory in the U.S. state of North Carolina and prepare for two more plants, including one in Vietnam. The U.S. factory is expected to have a capacity of up to 10,000 tons of recycled polyester annually and become operational during 2026, while Syre aims to start construction on the Vietnam plant in 2027 to produce between 150,000 and 250,000 tons of polyester, Nobelius said. Sweden-based sportswear company Houdini has also committed to source 50% of its polyester from Syre for a three-year period, Syre said.
