Shandong Ruyi set to acquire Invista's Lycra brand

US-based Invista, one of the world's largest producer of chemical intermediates, polymers and fibers, has agreed to sell one of its four major business units to Shandong Ruyi Investment Holdings.

The China textiles giant is set to acquire Invista's Apparel and Advanced Textile (A&AT) business, which includes the Lycra brand, through a stock transaction for an undisclosed sum. The move is seen to further strengthen Shandong Ruyi's position as one of the top companies in the global apparel and hygiene markets.

The deal is expected to be completed by mid-2018.

Apart from Lycra, Shandong Ruyi will obtain the Coolmax, Thermolite, Elaspan, Supplex, Tactel and Terathane brands. The manufacturer will also acquire all related manufacturing assets, research and development centers, and sales offices worldwide, including technical, commercial, operations and administrative staff, numbering approximately 3,000.

Invista is set to retain ownership of the company's nylon, polyester and polyols portfolio. This includes nylon 6.6 and its recognized brands, namely Stainmaster, Antron and Condura. The business will also keep its intellectual property rights for butanediol (BDO), tetrahydrofuran (THF) and polytetramethylene ether glycol (PTMEG) technologies, which fall under the Terathane brand, and will continue to license these technologies globally.