Not what it seems: the Steve Sleeve mimics its paper inspiration.

Well-known bag-maker Timbuk2’s new Steve Sleeve is a playful adaptation of the manila envelope Apple (Nasdaq: APPL) CEO Steve Jobs used to unveil his company’s newest computer, the MacBook Air, earlier this year. Constructed with recyclable PET made of post-consumer plastic and joined with welded seams and non-toxic glue, the lightweight padded shell echoes the laptop’s environmental aims.

While there are few facilities for consumers to recycle PET fabric, Patti Roll, Timbuk2’s director of marketing and community, says the company aimed to develop an easily recyclable product. Other companies such as Patagonia offer take-back programs for PET fabrics and remanufacture them into new products, but San Francisco–based Timbuk2 has no plans to offer such a service, Roll says.

The Steve Sleeve is part of Timbuk2’s ongoing efforts to improve the environmental footprint of its packaging and production. Last year, Timbuk2 replaced polyvinyl chloride, or PVC, with vinyl-free thermopolyurethane (TPU) in its products. “TPU is definitely more expensive,” Roll notes. “Even though we lose some on the profit margin, it was the right thing to do.”

The changes have been driven by market demand, as well as administrative direction, according to Roll. In 2007, the company welcomed new COO Mike Fowler—formerly of Patagonia, Pearl Izumi and Kelty—as part of a shift in management. Fowler’s vision and relationships with key manufacturers have helped Timbuk2 expand its endeavors, she says.

In 2005, Timbuk2 was sold to private equity firm Pacific Community Ventures and paid out $1.3 million in profits to the company’s non-
management employees. Since that time, the company has been more close-lipped about its sales, but a 2007 New York Times article reported the company’s sales at about $20 million per year “and growing quickly.” Roll declined to provide an updated number for this article.

The Apple Company Store in Cupertino, Calif., and New York City’s Tekserve currently carry the Steve Sleeve; beginning in July, the product will be available through the Timbuk2 Web site.