MOSCOW (MRC) -- Covestro, formerly Bayer MaterialScience, has extended its Insqin partner manufacturer programme with the newly signed partner, Kunshan Xiefu New Material Co., Ltd., a Chinese producer of PU coated fabrics, reported GV.
The two companies will collaborate to promote sustainable PU materials in sectors such as fashion apparel and footwear, to name a few.
Launched in July 2015, the Insqin partner manufacturer programme connects manufacturers and brand owners across the PU-coated fabric supply chain. Partners must demonstrate an ongoing commitment to sustainability and transparency, using Covestro’s waterborne, PU coating technology and industry-leading processes to meet the emerging sustainability needs of brand owners.
Xeifu is the second company to earn a place in the programme, after Korean PU synthetic materials manufacturer Duksung Co., Ltd. It is also the first Chinese company joining the programme.
"A growing number of brands and retailers are becoming interested in sourcing sustainable materials, and further, they need more assurances about the origins and integrity of those materials. The programme was developed to link these brands with manufacturers capable of efficiently delivering innovative materials and sustainability best practice," said Nick Smith, Global Head of Textile Coatings, Covestro. "We are proud to welcome Xiefu to the programme and look forward to supporting the growth of sustainable PU-coated textiles for the fashion apparel and footwear market worldwide."
Under the programme, Covestro will provide technical support to help Xiefu further develop its use of the Insqin technology. Xiefu will also receive verification of its production processes and management systems via a globally recognised third-party audit.
As MRC informed earlier, in early September 2015, Bayer AG moved a step closer to floating its EUR11 billion (USD12.3 billion) specialty chemicals business by "legally and economically" separating the unit, now named Covestro AG. The German pharmaceuticals group plans to float Covestro, previously called Material Science, by the middle of next year and potentially as soon as this fall. Bayer plans either an initial public offering or direct spinoff to shareholders. The company has previously indicated that it preferred an IPO, which would generate cash for heavily indebted Bayer.
Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech polymer materials. As an innovation company, it sets trends in research-intensive areas. Bayer's products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and to its social and ethical responsibilities as a corporate citizen. In fiscal 2014, the Group employed 118,900 people and had sales of EUR 42.2 billion.
MRC