INVISTA has entered into a definitive agreement with Shandong Ruyi Investment Holding to sell INVISTA’s Apparel & Advanced Textiles business, one of INVISTA’s four major business units.
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).
“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 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.
Closing is expected by mid-2018. The purchase price is undisclosed.
