Hyosung to invest $27 mn to hike spandex capacity

South-Korea-based Hyosung Corp plans to invest $27 million to expand spandex capacity by 5,000 tonne in Istanbul, Turkey amid increasing demand from European and Middle Eastern markets.

The company is planning to complete the expansion by H12017 and the capacity will be 25,000 tonne per year. By then, it would also be ready to open a new factory in Quzhou, China, with annual capacity of 16,000 tonne. The company’s total global spandex output capacity would be ramped up to 2,21,000 tonne next year.

In 2009, Hyosung built a spandex factory in Çerkezköy, Tekirdag, about 100 km away from Istanbul. Due to sharp increase in spandex from Europe and the Middle East, the textile company decided to construct a new factory on a site of 87,000 sq m near the existing factory. The company expects its market share of Creora, Hyosung’s spandex brand, to grow to over 31 per cent after the capacity increase.