Invista has entered into a definitive agreement with Shandong Ruyi Investment Holding to sell Invista’s Apparel & Advanced Textiles business, one of its four major business units.
Completion of the agreement is subject to customary closing conditions including regulatory clearances from competition authorities. Closing is expected by mid-2018. The purchase price is undisclosed.
The transaction includes:
- Invista’s portfolio of apparel-focused fibers and brands including Lycra fiber, Lycra HyFit fiber, Coolmax fiber, Thermolite fiber and insulation, Elaspan fiber, Supplex fiber and Tactel fiber products
- Terethane polytetramethylene ether glycol (PTMEG), 1,4 butanediol (BDO) and tetrahydrofuran (THF) production
- Related manufacturing assets, research and development centers and sales offices around the globe
- All associated technical, operations, commercial and administrative staff (approximately 3,000 employees globally)
Jeff Gentry, Invista Chairman and CEO, says, “The Apparel business has always been a strategic and valued part of our portfolio. 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 world-leading nylon 6,6 intermediates business, global nylon polymer and fiber portfolio, and widely recognized brands including Stainmaster and Antron carpet fibers and Cordura fabrics. 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.