Invista to sell Apparel & Advanced Textile business to Shandong Ruyi
Invista announced that it has agreed to sell its Apparel & Advanced Textiles business – one of its four major business units – to Shandong Ruyi Investment Holding. Completion of the transaction is subject to customary closing conditions, including regulatory clearances from competition authorities. Closing is expected by mid-2018. The purchase price was not disclosed.
The transaction includes:
- Invista’s portfolio of apparel-focused fibres and brands including Lycra fibre, Lycra HyFit fibre, Coolmax fibre, Thermolite fibre and insulation, Elaspan fibre, Supplex fibre and Tactel fibre products
- Terathane polytetramethylene ether glycol (PTMEG), 1,4-butanediol (BDO), and tetrahydrofuran (THF) production
- Related manufacturing assets, research and development centres, and sales offices around the globe
- All associated technical, operations, commercial and administrative staff (approximately 3,000 employees globally)
“The Apparel business has always been a strategic and valued part of our portfolio,” said Jeff Gentry, Invista chairman and CEO. “We engaged the market because we want this business to be owned by the company that can create the greatest value for customers, employees and stockholders. In this case, we 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.”
Invista will retain ownership of its nylon, polyester, polyols and licensing businesses and related brands. This includes its nylon 6,6 intermediates business, its global nylon polymer and fibre portfolio, and brands including Stainmaster and Antron carpet fibres and Cordura fabric. Invista will also retain its intellectual property rights for BDO, THF and PTMEG technologies and will continue to license these technologies on a global basis.
“We look forward to intensifying our focus on the nylon value chain,” Gentry said. “For nearly 80 years, we’ve delivered innovations to the nylon industry, including the most advanced adiponitrile technology in the marketplace. We have talented people with decades of know-how and you can count on Invista to continue building on this heritage of leadership and innovation.”