Q1 2023 Lenzing AG Earnings Call Transcript
Thanks a lot, operator. Yes, also from my side, a very warm welcome to this investor presentation. With me today are Nico Reiner, our CFO; and Christian Skilich, our CPO/CTO.
Let's start with an overview of the key developments and strategic highlights of the first quarter '23. We see first signs of recovery in the textile fiber market, and we see a solid business development in nonwoven as well as a good demand on the pulp side. We also see a positive development on the raw material and energy cost.
Our global cost reduction program with an annualized impact of more than EUR 70 million is well on track.
I'm happy and proud to announce that we started the production of TENCEL modal fibers in our production site in China. And on the energy side, we just announced the acquisition of a biomass plant for the energy supply of our lyocell specialty production site in Heiligenkreuz, Austria in order to speed up the energy transition as well as securing further saving potential.
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