According to local reports citing Natural Fiber Welding (NFW)’s CEO Steve Zika, the company, which develops technologies based on the sustainable use of plants and natural fibres, including its Mirum plant-based leather which is made with natural polymers, will not be closing but is exploring all options while “winding down operations”.
“While we continue to explore all options, the board has made the difficult decision to begin the orderly wind down of the company’s operations,” said Zika in a statement published by 25newsnow. “This is not the outcome we want, but it is the most responsible path for our stakeholders at present.”
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Natural Fiber Welding was founded in 2015 and is based in Peoria, Illinois, US.
In 2021 it secured $15m in funding to help scale production to meet the demand for its Mirum and Clarus product lines.
Earlier that year it announced 110,000 sq ft of new manufacturing space dedicated to the production of Mirum. The expansion more than doubled the start-up’s manufacturing footprint.
It was the same year sustainable footwear and apparel company Allbirds invested $2m into NFW and its Mirum technology, while Ralph Lauren Corporation took a minority stake in the company a year earlier.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIt was an Earthshot Prize finalist in 2024.
NFW did not return request for comment when approached by Just Style.
