Invista agrees sale of advanced textiles business
30/10/2017
The transaction includes a number of brands, most notably the Lycra and Coolmax fibre brands. Shandong Ruyi will also acquire the global manufacturing assets, research and development centres and sales offices of all brands in the apparel and advanced textiles division. Around 3,000 employees will move between the companies.
The division does not include the Cordura brand, which is part of Invista’s performance solutions business.
“Invista’s world-class assets and consumer-recognised brands are a perfect fit for our growing portfolio of textile-related products,” said Yafu Qiu, chairman of the Shandong Ruyi board. “Over the decades, the Lycra ® brand has transformed the apparel industry, and continues to do so today.”
He added that Shandong Ruyi intends to invest in innovation to help the apparel and advanced textiles business move to “the next level”. It will work to protect “the unique identity” of the business by maintaining its current strategy and organisational structure.
The deal is expected to be completed by mid-2018, subject to regulatory clearance from competition authorities.
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