Textile recycling industry faces a crisis
RTE article ROME, Feb. 10 (UPI) — Textile recyclers in Europe have had their stock prices suffer amid concerns about the supply chain of the recycled textiles used in the textile industry, according to a survey by the Italian firm Textile Recycling.
The firm, which has operations in the United States and Australia, found that only 6 percent of its suppliers were compliant with the EU’s strict recycling rules, according the report by the company’s subsidiary Textile Receptacle.
In the past six months, Textile Refectacles has lost nearly 30 percent of the value of its stock of textile recyclables, which includes textiles from other countries, to less than $100 per ton.
Textile Recycle, which was founded in 2014, is a private company based in Milan.
Its chief executive, Stefano Vincenzetti, said the company has seen a surge in demand for its recycled textile products since it was launched.
“We’ve had a lot of demand,” Vincenzi said in a statement.
“We’re not just interested in a few textile products, we’re also interested in all of the textile products that come in, and we’re not in the business of just one product.
We are a global brand, and it’s important for us to diversify, to develop new products.”
Vincenzisi also cited the global nature of the recycling industry.
“It’s not just about countries, but it’s about the whole world,” he said.
“When you have a global supply chain, it’s a whole new world.
It’s not about one product, but many products.”
In 2014, the European Union’s directive on recycling textiles called for recycling all textiles except for those made from synthetic fibers, which must be recycled by textile manufacturers or manufacturers with a license.
The directive also said that recyclable materials must be transported to European markets without delay.
Vincenza’s statement said that the company had “decided to invest more in our production process.”
The Italian company said that it plans to double the number of its employees in Italy by 2021 and increase the size of its production facilities in Italy.