Far Eastern Group partners with Circ for textile-to-textile recycling

YarnsandFibers News Bureau 2024-05-30 16:19:42 – USA

Drive Catalyst, the venture capital arm of Taiwanese conglomerate Far Eastern Group, one of the world’s largest producers of virgin and recycled polyester, is investing in US-based textile recycler Circ. This investment will help Circ increase its production of polyester made from recycled polycotton textile waste.

By combining Far Eastern’s manufacturing expertise with Circ’s technology, the partnership aims to scale up the production of recycled polyester. Far Eastern, with over 70 years of experience in the textile industry, will support Circ in overcoming the challenges of scaling production to meet the needs of major fashion brands and their customers.

“It is essential for leaders in the polyester supply chain like us to set an example by creating collaborative models,” says Juliana Pidner Hsu, managing director of Drive Catalyst. “We are committed to the circular economy and believe textile-to-textile recycling is key to reducing carbon emissions from raw materials. Our commitment to new solutions aligns with the strong demand from our customers for sustainable fashion. Achieving systemic changes requires time and collaboration. With Circ’s high-quality materials and technological potential, we believe this partnership is a significant step towards scaling circularity.”

“Funding is just one aspect of introducing innovation to a traditional industry like textiles,” comments Circ CEO Peter Majeranowski. “We need partners with shared goals and extensive expertise because no part of the industry operates in isolation. Far Eastern Group’s support validates our polyester’s quality and will accelerate its production, playing a crucial role as we prepare to launch our first commercial facility.”

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