Ecofibre signs yarn supply agreement with Under Armour

Ecofibre Limited (ASX:EOF) has completed a yarn supply agreement with Under Armour, Inc. for the provision of NEOLAST yarns to Under Armour's designated knitting mills, along with the acquisition of associated manufacturing equipment. The NEOLAST™ fibre, an alternative to elastane, is set to revolutionize the market for elastomeric yarn due to its performance and sustainability, addressing the challenges of elastane, including recycling blended fabrics. The initial term of the supply agreement is 3 years, with expected annual revenue at full production estimated to be US$6.0m.

Ecofibre CEO and EAT President Uli Tombuelt's Statement on the Agreement

I'm incredibly pleased that our partnership with Under Armour and Celanese continues to develop and has seen us deliver this important milestone with supply agreements for NEOLAST yarn. The performance and sustainability of this product is set to revolutionise the market for elastomeric yarn, and developing further growth opportunities for this product is a key priority for EAT. I would like to express my appreciation to Celanese and Under Armour for their support through the commissioning and trial phase. We look forward to continuing to build on our relationship in the years to come.

Summary of Ecofibre's NEOLAST™ Yarn Supply Agreement with Under Armour

Ecofibre (ASX:EOF) has finalized a yarn supply agreement with Under Armour, Inc. for the provision of NEOLAST™ yarns to Under Armour's knitting mills and the purchase of associated manufacturing equipment. The initial term of the supply agreement is 3 years, with expected annual revenue at full production estimated to be US$6.0m. The CEO highlighted the significance of the partnership and the potential for further growth opportunities. This agreement marks a significant milestone for Ecofibre, positioning them to revolutionize the market for elastomeric yarn and drive sustainable solutions for the challenges of elastane, including recycling blended fabrics.