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Fibres/​Yarns/​Fabrics

Privately held Canadian firm acquires Crailar IP

The assets acquired include trademarks, trade secrets, IP and know-how related to bast fibre production from agronomics to finished products developed by Crailar Technologies Inc.

15th July 2016

Innovation in Textiles
 |  Vancouver

Clothing/​Footwear

CRAiLAR Fiber Technologies International Inc. (CRAiLAR FTI) has announced the acquisition of the intellectual property of Crailar Technologies Inc. and Crailar Fibre Technologies Inc., as well as completion of financing to fund immediate operational and product development efforts. The assets acquired include trademarks, trade secrets, IP and know-how related to bast fibre production from agronomics to finished products developed by Crailar Technologies Inc.

In April 2015 CRAiLAR Technologies reported sales of US 1.9 million and a net loss of US 8.2 million for the fourth quarter ended 27 December 2014. That compared with sales of US 0.4 million and a net loss of US 3.2 million for the fourth quarter of 2013. The company subsequently filed for insolvency and its assets were put up for sale.

CRAiLAR FTI is comprised of the experienced leadership team of Noel Hall and Ken Hallat who will join the board of directors. In addition, CRAiLAR FTI has retained key management of Crailar Technologies Inc.

"I am extremely pleased with the acquisition of this exciting technology", stated Ken Hallat, Chairman of CRAiLAR FTI Board of Directors. "CRAiLAR brings tremendous performance advantages, including superior absorbency and strength, to the nonwovens industry and has a compelling sustainability story in both the nonwoven and textile markets. This acquisition allows us to leverage our strong supply chain, seasoned sales team and robust manufacturing capacity to service our global clients.”

CRAiLAR Fiber Technologies International Inc. is a producer of bast fiber-based products including flax and hemp for the nonwovens and textile markets. The company says its unique, environmentally friendly technology produces individualised fibres with superior, properties to cotton and other natural or man-made fibers in non-woven wiper applications.

CRAiLAR nonwoven wipes have proven to be effective in general and specialized sectors including food services, industrial and residential applications. They are fully compostable, have greater absorbency and wet strength than traditional wipes while dramatically reducing chemical and water usage.

CRAiLAR FTI is a privately held Canadian company headquartered in Vancouver, BC.

www.crailar-fti.com

 

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