Invista has entered into a definitive agreement with China-based Shandong Ruyi Investment Holding to sell its Apparel & Advanced Textiles business, one of Invista’s four major business units.
Invista, which has operations in Delaware is part of Wichita, KS-based Koch Industries. Financial were not disclosed. Koch is a privately held company. Shandong Ruyi is one of China’s largest textile companies.
The transaction include apparel-focused fibers and brands including Lycra fiber, Lycra HyFit fiber, CoolMax fiber and Thermolite fiber and insulation as well as other product lines, manufacturing, research and other assets.
“Invista’ world-class assets and consumer-recognized brands are a perfect fit for our growing portfolio of textile-related products,” said Yafu Qiu, chairman of the board of Shandong Ruyi Investment Holding. “Over the decades, the Lycra brand has transformed the apparel industry, and continues to do so today. We are committed to taking this business to the next level through continued investment in innovation and the business’ portfolio of consumer-recognized brands.”
“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 fiber portfolio, and widely recognized brands including Stainmaster and Antron carpet fibers 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.
“We look forward to intensifying our focus on the nylon value chain,” Gentry said. “For nearly 80 years, we’ve delivered innovations to the nylon industry, including the most advanced adiponitrile technology in the marketplace. We have talented people with decades of know-how and you can count on Invista to continue building on this heritage of leadership and innovation.”
Invista, owned by two multi-billionaire brothers best known for their support of conservative causes, purchased the DuPont nylon business and renamed it Invista. After lengthy litigation over the sale, Koch and DuPont settled the case.
DuPont has moved on bio-based materials for textiles and fabrics, rather than petroleum-based feedstocks.
Invista has a plant in Seaford, as well as research and other operations in northern Delaware. The impact of the sale on those operations was not immediately disclosed.
For more information, visit INVISTA.com.
