Latest news with #KatherineHomuth
Cision Canada
13-05-2025
- Business
- Cision Canada
SRTX FINALIZES US$40M NEW EQUITY FUNDRAISING TRANSACTION LED BY BDC, EDC, H&M Group, IQ
MONTREAL, May 13, 2025 /CNW/ - SRTX has announced that it has reached the first close of a US$40 million fundraising round investment led by its largest shareholders: BDC Capital, Export Development Canada, H&M Group and Investissement Québec. This funding will support SRTX' strategy to scale its Montreal-based manufacturing operation, doubling production capacity in 2025. In 2023, the company expanded its operations into a new 300,000-square-foot, state-of-the-art facility in Pointe Claire (Montreal) where it has established a highly automated, vertically integrated manufacturing plant with room to expand to meet its tremendous growth opportunities in North America and Europe. This facility is unique, where UHMWPE powder is converted into finished products under one roof, and enables SRTX to continuously drive its unit costs down as it scales the production of its market-leading tights product, Sheertex. As part of this financing round, Katherine Homuth, founder of SRTX, has transitioned out of her day-to-day responsibilities as CEO. The Board has launched a recruiting process to identify a new CEO and Timothy Leyne, who has been CFO of SRTX for the last 3 years, has been named interim CEO. "This new equity injection will reinforce SRTX' capital base as we pursue the plan to scale our production to capture a growing share of the tights market in the face of uncertain trading conditions," said Timothy Leyne, Interim CEO of SRTX. "The success of this financing round is a testament to the tremendous conviction of our shareholders to the pursuit of SRTX' strategy," he added. "Katherine's exceptional drive and vision built this innovation-based vertical manufacturing platform, and the Lead Investors, Board and management team are committed to realizing its full potential," concluded Timothy. "We're excited to support SRTX's journey as they enter this next stage of growth. We see strong potential in their vision and product, and believe the company is well-positioned to develop in a meaningful way. We'd like to thank Katherine Homuth for her dedication and the foundation she helped build at SRTX, and we wish her the best of luck in her next chapter." says lead investors BDC Capital, Export Development Canada, H&M Group and Investissement Québec. SRTX is the holding company of Sheertex Inc., the manufacturer and leading brand of rip-resist tights. Established in 2017, SRTX moved to its first facility in Montreal in 2019. SRTX has built an integrated technology platform that outcompetes traditional manufacturing by leveraging proprietary materials, intelligent automation, and a vertical manufacturing infrastructure.
CBC
07-02-2025
- Business
- CBC
Sheertex could face 'tens of millions of dollars' in tariffs, CEO says DESC:
Canadian pantyhose-maker Sheertex is temporarily laying off 40 per cent of their staff in part because of tariffs the U.S. has promised to place on Canadian goods, the company's CEO Katherine Homuth said Wednesday. Homuth opens up about how the U.S. tariff threats are impacting her business.
Yahoo
05-02-2025
- Business
- Yahoo
Canada's SRTX temporarily cuts 40% of jobs over US tariff concerns
(Reuters) - Canadian textile maker SRTX said on Wednesday it had temporarily laid off 40% of its workforce amid concerns about potential increased costs resulting from expected U.S. tariffs. U.S. President Donald Trump suspended his threat of imposing steep tariffs on Mexico and Canada on Monday, agreeing to a 30-day pause in exchange for concessions on border and crime enforcement. However, he went ahead with the implementation of tariffs on all Chinese imports. The Sheertex tights maker, which has about 350 employees, cautioned that it was now at risk of facing a potential 41% duty on all its shipments to the U.S. The company added that the 30-day grace period has allowed it to transfer some of its inventory to the U.S., but not in sufficient quantities to mitigate the impact of the proposed tariffs. "We are in a worst case scenario," Katherine Homuth, SRTX's CEO, said in a LinkedIn post. SRTX said that 85% of its sales are in the U.S. and it has invested "tens of millions" in its Canadian factory. The proposed tariffs, along with a delay in the final stage of its fundraising efforts, have led to "tremendous financial uncertainty", the company added. Sign in to access your portfolio
CBC
05-02-2025
- Business
- CBC
Sheertex to temporarily lay off 40% of staff partly due to tariff threats
Canadian pantyhose-maker Sheertex is temporarily laying off 40 per cent of the company's staff, in part because of tariffs the U.S. has promised to place on Canadian goods, the company's CEO said on Wednesday. Katherine Homuth says the Montreal-based manufacturer of highly durable tights employed about 350 staff before the cut. The company is facing tremendous financial uncertainty because of delays in closing the final portion of its most recent fundraising, she said. She also placed blame on impending tariff changes being made by the U.S., where Sheertex does 85 per cent of its sales. Homuth's business stands to not just be hurt by the U.S.'s impending 25 per cent tariff, but also on the removal of the de minimis exemption, which previously meant all direct-to-consumer orders under $800 were duty free.
Bloomberg
05-02-2025
- Business
- Bloomberg
Canadian Pantyhose Maker Furloughs 40% of Staff on Trade-War Woes
The threat of US tariffs has caused a Montreal-based women's clothing maker to place more than a third of its workers on leave. SRTX is putting 40% of its 350 employees and contractors on temporary layoff, Chief Executive Officer Katherine Homuth said in a statement. The company has 85% of its sales in the US and has invested 'tens of millions' in Canadian factories, she said.
