Shangdong Ruyi acquires Invista’s textile biz
Shandong Ruyi Investment Holding, a textile and apparel company in China, has completed acquisition of Invistaâ€™s apparel and advanced textiles business. The transaction includes all associated assets and contracts.
Shandong Ruyi Investment Holding, a textile and apparel company in China, has completed acquisition of Invistaâ€™s apparel and advanced textiles business. The transaction includes all associated assets and contracts. The new company will operate as The Lycra Company, an independent subsidiary, will continue to manufacture advanced fibre and technology solutions.
The Lycra Company will start day one as a fully operational subsidiary of Ruyi Group, with significant operations in various countries, UK and the Netherlands will be among them. The transaction also includes eight manufacturing facilities, four research and development labs, 17 offices located in 14 countries around the world, and approximately 3,000 employees. Current leadership and employees will continue in their roles with the new company, said a press release by Lycra.
â€œWe are fortunate to be purchased by Ruyi, a company that shares our vision and our commitment to delivering high-quality products, technical expertise, and unmatched marketing support to our valued customers,â€ said Dave Trerotola, chief executive officer, The Lycra Company. â€œWith the continued investment of Ruyi, we look forward to working with our customers to bring exciting innovations to market. Our new shareholderâ€™s textile and retail experience will be a tremendous asset as we develop differentiated fibres that deliver the lasting performance benefits consumers have come to know and expect from our brands.â€
â€œWe are thrilled to acquire The Lycra Company and will continue to invest in its innovation pipeline and brands in order to reach our objectives for business growth,â€ said Yafu Qiu, chairman of the board of Shandong Ruyi Investment Holding. â€œAs a spandex producer ourselves, we have admired the iconic Lycra brand for years, and we see the value The Lycra Company adds to our business. We believe its assets and capabilities are a perfect complement to our own and will help strengthen our position as a world-class, fully-integrated textile company.â€
CATEGORIES Industry Update