Chinese industrial group Shandong Ruyi has completed its acquisition of Invista’s apparel and advanced textiles unit.
It has announced that it will operate these assets as an independent subsidiary with The Lycra Company as its name.
With its headquarters in Wilmington, Delaware, The Lycra Company will produce fibre for the apparel industry and specialty chemicals for the spandex and polyurethane value chains. “While the company’s name is new,” it said at the time of the announcement, “its legacy stretches back to 1958 with the invention of the original spandex yarn, Lycra.”
Other brand-name products that make up part of this purchase include Coolmax and Thermolite. The transaction also includes eight manufacturing facilities, four research and development labs, 17 offices located in 14 countries around the world, and approximately 3,000 employees. Current leadership and employees will continue in their roles with the new company.
The Lycra Company’s chief executive, Dave Trerotola, commented: “With the continued investment of Ruyi, we look forward to working with our customers to bring exciting innovations to market. Our new shareholder’s textile and retail experience will be a tremendous asset as we develop differentiated fibres that deliver the lasting performance benefits consumers have come to know and expect from our brands.”