OMNOVA Solutions Inc. announced the successful completion of an amendment to its $200 million Term Loan Credit Facility ($195.5 million outstanding). Key changes in terms include a one-year extension of the facility maturity to May 2018 and a reduction in borrowing spreads of 1.25%. Effective March 7, the new floating interest rate is 4.25%. The annual interest expense savings of the amended Term Loan Facility is approximately $2.4 million at current LIBOR rates. The Company will record a ch

CRAiLAR Technologies Inc., which produces and markets a natural fiber made from flax and other bast fibers, has entered into a marketing and development agreement with Cone Denim, America’s largest and most innovative working denim mill, to begin this month. The agreement calls for Cone Denim to market and develop the use of CRAiLAR Flax in its denim fabric line, which is sold to a broad range of the best global brands in fashion, work wear and casual lifestyle categories. The agreement is th

Kraig Biocraft Laboratories, Inc the leading developer of advanced spider silk based fiber technologies, announced the launch of stage 3 of its pilot production program The program is designed to run in three stages, each launching in turn when the data from the previous stage indicates that the program is reaching its benchmarks. "The launch of stage three indicates stages 1 and 2 are exceeding our expectations with hatch rates exceeding 60%. At the current rates of the program's developm

Cotton futures rose on Tuesday as mills viewed early lower prices as an opportunity to buy and pushed the market to recover from the session's initial losses. The most-active May cotton contract on ICE Futures U.S. rose 0.61 cent, or 0.7 percent, to settle at 87.33 cents per pound. Prices touched a 10-month high of 88.78 cents a lb on Friday. The fiber closed just near its 10-day moving average of 86.30 cents, which has served as a support level, and traded only as low as 86.23 cents throughou

Concerned over the recent deaths of thousands of Pashmina goats in the Ladakh region, the government has decided to provide a financial assistance of Rs 41.21 crore to protect the animals, producing world-famous fine luxury fibre. "The plan envisages a new Pashmina Wool Development Scheme with a special package and a financial allocation of Rs 41.21 crore," the Textiles Ministry said in a statement. The main components of the scheme include assistance for foundation stock in new areas for Pash

The textile industry, which was once the leader in Ghana’s industrial sector, has been declining over the years due largely to trade liberalization policies and programmes, an industrialist said on Tuesday. These policies have made it almost impossible for Ghana’s textile products to compete with cheap imports from Asia Mrs Edwina Assan, President Spinnet Textiles and Garment Cluster, said. Spinnet Textile and Garment Cluster is an association of small businesses in the manufacturing of text

Around 210 exhibitors and more than 115 foreign delegates attended the 10th Textile Asia 2013 International Exhibition, the largest annual textile and garment machinery show of textile industry of Pakistan. China is the leading textile exporter of the world’s total exports of $400 billion. Country wise major market shares of the textile exporting countries are China $55 billion, Hong Kong $38 billion, Korea $35 billion, Taiwan $16 billion, Indonesia and Pakistan $9 billion each. More than 310

Iran’s crude oil exports in March may plunge by a quarter from a month earlier to the lowest since tight Western sanctions came into effect in 2012, industry sources said, squeezing income for Tehran as sanctions cast doubt over its future revenues. The fall may result in a revenue loss of about $1 billion for Iran, according to Reuters calculations based on current oil prices, just as the country’s parliament debates President Mahmoud Ahmadinejad’s spending proposals. Tight Western sanctions

CONE will offer CRAiLAR Flax in its denim CRAiLAR Technologies Inc., a maker of natural flax and other bast-based fibers, has entered into a marketing and development agreement with CONE DENIM, America's largest denim mill, to begin this month. Under the terms of the agreement, CONE DENIM will market and develop the use of CRAiLAR Flax in its denim fabric line, which is sold to a broad range of the best global brands in fashion, work wear and casual lifestyle categories. The partnership las

J 20 Air-Jet Spinning Machine for new raw material applications The air-jet spun yarn Com4?jet is one of the members of the Com4?yarn family. Since the launch of the air-jet spinning technology the system has been under a steady innovation process both in terms of machine design as well as textile technology research. Rieter has recently released the air-jet spinning application for new raw materials and yarn count ranges. Rieter’s syste