Invista’s apparel business has always been a strategic and valued part of their portfolio and they want this business to be owned by the company that can create the greatest value for customers, employees and stockholders. In this case, they believe that Shandong Ruyi Investment Holding has the knowledge and capability that will enable this business to thrive the most and succeed over the long term, said Jeff Gentry, Invista chairman and CEO.
INVISTA has entered into a definitive agreement with Shandong Ruyi Investment Holding to sell Invista’s Apparel & Advanced Textiles business, one of Invista’s four major business units. Completion of the agreement is subject to customary closing conditions including regulatory clearances from competition authorities. Closing is expected by mid-2018.
The transaction includes Invista’s portfolio of apparel-focused fibers and brands including LYCRA fiber, Lycra HyFit fiber, COOLMAX fiber, THERMOLITE fiber and insulation, ELASPAN fiber, SUPPLEX fiber and TACTEL fiber products; TERATHANE polytetramethylene ether glycol (PTMEG), 1,4 butanediol (BDO), and tetrahydrofuran (THF) production; also related manufacturing assets, research and development centers, and sales offices around the globe; and all associated technical, operations, commercial and administrative staff (approximately 3,000 employees globally).
Invista will retain ownership of its nylon, polyester, polyols and licensing businesses and related brands. This includes Invista’s world-leading nylon 6,6 intermediates business, its global nylon polymer and fiber portfolio, and widely recognized brands including STAINMASTER and ANTRON carpet fibers and CORDURA fabric.
Invista will also retain its intellectual property rights for 1,4 butanediol (BDO), tetrahydrofuran (THF) and polytetramethylene ether glycol (PTMEG) technologies and will continue to license these technologies on a global basis.
They look forward to intensifying their focus on the nylon value chain, Gentry said. For nearly 80 years, they have delivered innovations to the nylon industry, including the most advanced adiponitrile technology in the marketplace.
Invista have talented people with decades of know-how and can count to continue building on heritage of leadership and innovation.
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