Japanese involvement in Shandong Ruyi acquisition
06/03/2019
The Chinese industrial group completed the acquisition of these assets at the start of February. It subsequently announced that it will operate them as an independent subsidiary with The Lycra Company as its name.
The material brands that are part of The Lycra Company include Lycra, Coolmax and Thermolite.
Itochu’s involvement in this acquisition was not previously known. It has said this took the form of a capital investment and was the result of a request from Shandong Ruyi.
In a statement, Itochu said: “Itochu regards its involvement in the acquisition of LYCRA as an investment that will contribute to the improvement and enhancement of its portfolio of competitive materials; following on from its development of environmentally-friendly cellulose fibres in collaboration with the Metsa Group, and its recycled polyester business utilising technologies developed by JEPLAN, INC.”
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