Lenzing has suspended its guidance for the development of earnings in the 2022 financial year. This has been due to the drastic market deterioration in the current quarter. In light of the current distortions in the energy and raw material markets, and their impact on consumer climate, Lenzing sees itself confirmed in its long-term corporate strategy and will continue to drive specialty fiber growth and the implementation of its ambitious climate and sustainability goals, including the transformation to a circular economy model.
Based on current assumptions for energy and raw material costs, Lenzing also sees the achievement of its medium-term guidance for 2024 at risk. The group is currently experiencing unprecedented distortions in the energy and raw material markets, which are burdening consumer climate and significantly limiting visibility on short to medium-term business development. However Lenzing’s long-term growth prospects for its wood-based, biodegradable specialty fibers remain positive.
Lenzing, the world’s leading supplier of wood-based specialty fibers for the textile and nonwovens industries, is a partner of global textile and nonwoven manufacturers and drives many new technological developments. Lenzing’s fibers form the basis for a variety of textile applications ranging from elegant clothing to versatile denims and high-performance sports clothing.