Swedish recycling company Syre has signed a deal with U.S. retail giant Target to supply recycled polyester for clothing and textiles.
According to the company, Syre will deliver 70,000 tons of recycled polyester to Target by 2030.
The agreement makes Target the third major customer for the Stockholm-based company after earlier deals with H&M and Nike.The agreement makes Target the third major customer for the Stockholm-based company after earlier deals with H&M and Nike.
Factory planned in Vietnam
The material will come from old textiles and clothing and will be produced at Syre’s planned recycling factory in Gia Lai in Vietnam.
Syre says about half of the future factory’s production capacity has already been sold through agreements with customers.
The factory is expected to open by the end of 2029.
Syre was founded in 2024 and is backed by H&M and investment firms Vargas Holding and TPG Rise Climate.
