COLOMBO / ZURICH - MAS Holdings, South Asia’s largest apparel and textile manufacturer, has announced a $2.5 million investment in Swiss textile innovator HeiQ's AeoniQ 'climate-positive' cellulosic yarn.
The company has invested an initial $1.5 million, with a further $1 million to follow upon reaching a mutually agreed milestone, in HeiQ AeoniQ, the subsidiary of HeiQ Group that will produce AeoniQ.
Subject to conditions, MAS has also agreed to order US$100 million of the new yarn over a five-year period - 3,000 tons in 2025 and then 5,000 tons per year from 2026 to 2029 in a non-binding offtake agreement.
