- Prachi Singh |
China’s apparel and textile major Shandong Ruyi has announced the acquisition of Invista’s apparel & advanced textiles business. The purchased portfolio includes Lycra, Lycra HyFit, Lycra T400, L by Lycra, Coolmax, Thermolite, Elaspan, Supplex, Tactel, and Terathane.
“We 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,” said Yafu Qiu, Chairman of the board of Shandong Ruyi Investment Holding in a statement.
Shandong Ruyi said that named The Lycra Company, it will continue to manufacture advanced fiber and technology solutions for the apparel and hygiene industries. As a fully operational subsidiary of Ruyi Group, The Lycra Company will have significant operations in various countries such as the UK and the Netherlands. 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.
“We 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,” said Dave Trerotola, CEO of The Lycra Company.