Invista, Wichita, Kan., has entered into a definitive agreement with Shandong Ruyi Investment Holding to sell its apparel and advanced textiles business, one of its four major units, to Sandong Ruyi Investment Holding.
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; related manufacturing assets, research and development centers, and sales offices around the globe; all associated technical, operations, commercial and administrative staff (about 3,000 employees globally).
Closing of the deal is expected by mid-2018. The purchase price is undisclosed.
“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, global nylon polymer and fiber portfolio, and brands including Stainmaster and Antron carpet fibers, and Cordura fabric. Invista also will retain its intellectual property rights for 1,4 butanediol (BDO), tetrahydrofuran (THF) and polytetramethylene ether glycol (PTMEG) technologies, and will continue to license them globally.
“We look forward to intensifying our focus on the nylon value chain,” Gentry says. “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.” — J.L.
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