Lenzing wins backing for €300 million raise

LENZING — Lenzing shareholders have approved a capital increase of about €300 million ($354m) to strengthen the fibre producer’s balance sheet as it prepares to close lyocell plants in Austria and the UK.

The company said an extraordinary general meeting had backed the cash issue while preserving existing shareholders’ statutory subscription rights. Lenzing must complete the transaction by 25th February 2027.