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ADIDAS AG

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Adidas : invests in Finnish sustainable fibre firm Spinnova

06/10/2021 | 02:25pm EDT
 Adidas' 70th anniversary in Herzogenaurach

BERLIN (Reuters) - German sportswear firm Adidas, which is seeking to increase the proportion of sustainable materials it uses in its products, is investing in Finland's Spinnova, a company that makes textile fibre out of wood or agricultural waste.

Adidas has agreed to subscribe for 3 million euros ($3.65 million) worth of shares in the company's planned initial public offering, bringing the total investment it has secured to 58 million euros, Spinnova said in a statement.

"We are an ideal match with the ambitious and pioneering Adidas sustainability strategy," Spinnova CEO and co-founder Janne Poranen said.

Spinnova is building its first commercial factory in Finland with strategic partner and wood raw material supplier Suzano, and is also building a pilot facility for fibre production out of leather waste.

It said Adidas wanted to secure access to "significant volumes" of its patented fibre in future.

A 500 million euro sustainability bond Adidas issued last September was five times oversubscribed, with proceeds earmarked for investing in renewable energy production and projects to promote recycled materials.

Adidas has pledged to shift to using only recycled polyester from 2024 and is also involved in research cooperation with another Finnish start-up, Infinite Fiber, to develop a process that can transform used clothes into a cotton-like material.

($1 = 0.8218 euros)

(This story corrects description of company in headline)

(Reporting by Emma Thomasson; editing by Jason Neely)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG -2.46% 282 Delayed Quote.-5.34%
SUZANO S.A. -0.59% 55.5 End-of-day quote.-5.19%
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Financials
Sales 2021 21 790 M 25 534 M 25 534 M
Net income 2021 1 537 M 1 801 M 1 801 M
Net cash 2021 203 M 238 M 238 M
P/E ratio 2021 36,3x
Yield 2021 1,16%
Capitalization 54 623 M 63 962 M 64 008 M
EV / Sales 2021 2,50x
EV / Sales 2022 2,25x
Nbr of Employees 58 007
Free-Float 86,9%
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Mean consensus OUTPERFORM
Number of Analysts 32
Last Close Price 282,00 €
Average target price 337,11 €
Spread / Average Target 19,5%
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Managers and Directors
Kasper Bo R°rsted Chief Executive Officer
Harm Ohlmeyer Chief Financial Officer & Labor Director
Thomas Hermann Rabe Chairman-Supervisory Board
Martin Shankland Head-Global Operations
Roland Nosko Member-Supervisory Board
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