Invista has entered into a definitive agreement with China-based Shandong Ruyi Investment Holding to sell its apparel and advanced textiles business, one of Invista’s four major business units. Invista, which has operations in Delaware is part of Wichita, KS-based Koch Industries. Financials were not disclosed.
The transaction include apparel-focused fibres and brands including Lycra fibre, Lycra HyFit fibre, CoolMax fibre and Thermolite fibre and insulation as well as other product lines, manufacturing, research and other assets.
“Invista’s world-class assets and consumer-recognised brands are a perfect fit for our growing portfolio of textile-related products,” said Yafu Qiu, chairman of the board of Shandong Ruyi Investment Holding. “Over the decades, Lycra brand has transformed the apparel industry, and continues to do so today. We are committed to taking this business to the next level through continued investment in innovation and the business’ portfolio of consumer-recognised brands.”
“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 Invista’s world-leading nylon 6,6 intermediates business, its global nylon polymer and fibre portfolio, and widely recognised 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.