IBM’s Joint Venture with Under Armour and Technip Energies in Connection with the Launch of Reju

On November 14, 2023, engineering and technology company Technip Energies announced the launch of Reju, a company focused on PET (Polyethylene terephthalate) recycling of textiles that will leverage technology co‑developed in a joint venture with IBM and Under Armour. IBM, Under Armour and Technip Energies have been working together since 2021 to bring VolCat, an IBM technology for rejuvenating waste PET packaging and polyester, to an industrial scale. VolCat allows the selective breakdown of polymers which IBM first applied to technologies like semiconductor lithography and microelectronics packaging, which Reju intends to use to address hard‑to‑recycle polyester garments and PET packaging lost to the waste stream. Cravath is representing IBM in connection with the joint venture and matters relating to the establishment of Reju.

The Cravath team is led by partner George F. Schoen and includes associates Saagar Kaul and Natan Sebhat on M&A matters; partner J. Leonard Teti II and associate Christopher M. Winters on tax matters; partner Jonathan J. Katz and associate Anna Mikaelayn on executive compensation and benefits matters; and partner Sasha Rosenthal‑Larrea and associate Ryan J. Wichtowski on intellectual property matters.