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Lenzing Acquires Tencel

Lenzing AG, Austria, producer of Lyocell® and other man-made cellulosic fibers, has acquired lyocell producer Tencel Ltd. and its entire group of companies from Corsadi BV, The Netherlands. Financial details of the deal were not disclosed.

Tencel has a total annual lyocell production capacity of 80,000 tons from its Mobile, Ala.-based plant in the United States and its Grimsby-based plant in England. Lenzing's annual lyocell capacity at its plant in Heiligenkreuz, Austria, totals approximately 40,000 tons.

"The acquisition marks a milestone for the Lenzing Group," said Thomas Fahnemann, chairman of Lenzing's Managing Board. "We are tripling our lyocell capacity and thereby reaching the critical size that is necessary for a sustainable and profitable lyocell operation. With Tencel®, the brand name, we are taking over a most successful brand, together with its international marketing team."

"This deal represents a great opportunity for the Tencel organization to see through the development of lyocell fiber technology into the cellulosic fiber of the 21st century," said Mike Proctor, Tencel's acting CEO. "Our coming together with Lenzing signals a commitment to our core competence in cellulosic fibers, and it offers our employees, customers and suppliers long-term confidence in the future."

According to Lenzing, the acquisition will allow it to be more flexible in using the available capacities, as well as to optimize its response to market and customer influences.

In addition, Fahnemann said, "We expect major stimuli for our development work from the broad mutual exchange of experience and technology that has now become possible."

Earlier this year, Lenzing reorganized its corporate structure into market-oriented business units, which the company says will facilitate the integration of Tencel with its Lyocell business .

June 2004