WICHITA, Kan.-INVISTA enters into a definitive agreement to sell its apparel and advanced textiles business to Shandong Ruyi Investment Holding (Ruyi). The apparel and textile division is one of INVISTA’s four major business units.
The transaction includes INVISTA’s portfolio of various apparel-focused fibers such as Lycra variations and COOLMAX, as well as manufacturing assets, development centers, and sales offices. The agreement also features a staff of roughly 3,000 technical, operations, commercial, and administrative INVISTA employees.
“The apparel business has always been a strategic and valued part of our portfolio,” says Jeff Gentry, CEO of INVISTA. “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.”
With the agreement, INVISTA retains ownership of its nylon, polyester, polyols, and licensing businesses.
The news comes as the latest move by Ruyi to expand its global footprint in the textile and apparel industry. The company recently signed an agreement to build a $600 million textile park in Nigeria, a growing region for textile manufacturing. Closer to home, the company announced plans in May 2017 to build a $410 million yarn-spinning facility in Arkansas, with goals of producing 200,000 tons of cotton per year.
For more information, visit www.INVISTA.com.