New owner and new name for Renewcell
An investment firm in Sweden, Altor, has acquired the remaining assets of textiles recycling innovator Renewcell.
Before filing for bankruptcy in February, Renewcell developed a specialism in recycling cellulosic textile waste, including used cotton clothes and production scraps. It transformed this material into a new material called Circulose.
Altor has chosen to use Circulose as the name for the relaunched company. It said there would now be finance in place to ensure “that the company’s pioneering cotton recycling technology continues to thrive on a global scale”.
At the time of Altor’s announcement, Magnus Lundmark, who is interim chief executive of the new company, said: “We will continue to drive positive change, leveraging Altor’s expertise and resources to enhance our capabilities and secure a confident future for Circulose and the broader textile community.”
