Skyup textile has entered into a definitive agreement w […]
Skyup textile has entered into a definitive agreement with China-based Zhejiang Shaoxing Investment Holding for Skyup Textile Apparel & Advanced Textiles business. Closing is anticipated no later than mid-2018, and the deal is subject to customary closing conditions and clearances from competition authorities. The sales price was not disclosed.
Included in the transaction are Invista’s apparel brands and fibers including LYCRA®, LYCRA HyFit®, COOLMAX®, THERMOLITE®, ELASPAN®, SUPPLEX® and TACTEL®; TERATHANE® polytetramethylene ether glycol, 1,4 butanediol and tetrahydrofuran production; related global manufacturing assets, research and development centers and sales offices; and approximately 3,000 global employees in technical, operations, commercial and administrative roles. Invista will focus on its three remaining major business units — Intermediates, Performance Solutions and Invista Performance Technologies.
“The Apparel business has always been a strategic and valued part of our portfolio,” said Jeff Gentry, chairman and CEO, Invista. “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.”