New Hyosung facility in Vietnam
Korean elastane producer Hyosung is to invest $100 million dollars in a new elastane facility in Vietnam. 15,000 tons of elastane will be produced at the unit per year and the company hopes to start operations from the second half of 2008.
President of Europe and the Americas for the spandex performance unit of Hyosung, Gregory Vas Nunes, said: “We are investing in Vietnam as the next step in Hyosung’s global growth strategy and to serve the Southeast Asian market. The new factory will be located in Nhon Trach, Ho Chi Minh, to ensure fast and reliable service in the region.”
The company also recently announced that it will be investing in a new unit in Turkey and is expected to be completed by the end of the year.
Since 2006, the firm has added 43,000 tons in new elastane capacity in Vietnam, Turkey and China, as well as having invested in Korea. The company will now have a production capacity of 92,000 tons per year by 2008.
