Invista sell apparel & advanced textiles business

Invista to sell apparel & advanced textiles business

10:57 AM, 1st November 2017
Invista logo

WICHITA, US: 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 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)

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 fibre portfolio, and widely recognized brands including STAINMASTER and ANTRON carpet fibres 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.

“The apparel business has always been a strategic and valued part of our portfolio. 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,” said Jeff Gentry, Invista chairman and CEO.

Goldman Sachs & Co LLC is serving as exclusive financial advisor to Invista, and Jones Day is acting as Invista’s legal advisor on this transaction.

© Worldofchemicals News

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