Fibre specialist Invista has entered into a definitive agreement with Shandong Ruyi Investment Holding to sell its Apparel & Advanced Textiles business, one of Invista’s four major business units. Completion of the agreement is expected by mid-2018. The purchase price is undisclosed.
The transaction includes Invista’s portfolio of apparel-focused fibers and brands including Lycra, Lycra HyFit, Coolmax, Thermolite and insulation, Elaspan, Supplex and Tactel products as well as Terathane polytetramethylene ether glycol (PTMEG), 1,4 butanediol (BDO), and tetrahydrofuran (THF) production. The sale further includes related manufacturing assets, research and development centres, and sales offices around the globe, as well as 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,” says 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 Invista’s 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.
“We look forward to intensifying our focus on the nylon value chain,” adds Gentry. “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.”