New Standalone Business Will Operate as The LYCRA Company, an Independent Subsidiary
WILMINGTON, Del.-Saturday 2 February 2019 [ AETOS Wire ]
(BUSINESS WIRE) -- Shandong Ruyi Investment Holding, one of the leading textile and apparel companies in China, announced today that it has completed its acquisition of INVISTA’s Apparel & Advanced Textiles business. The transaction includes all associated assets and contracts.
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The new company will operate as The LYCRA Company, an independent subsidiary, and will continue to manufacture advanced fiber and technology solutions for the apparel and hygiene industries. The LYCRA Company is named for LYCRA® fiber, the original spandex/elastane fiber and the company’s best-known product. The purchase includes a robust portfolio of highly respected consumer and trade brands: LYCRA®, LYCRA HyFit®, LYCRA® T400®, L by LYCRA®, COOLMAX®, THERMOLITE®, ELASPAN®, SUPPLEX®, TACTEL®, and TERATHANE®.
“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, chief executive officer, The LYCRA Company. “With the continued investment of Ruyi, we look forward to working with our customers to bring exciting innovations to market. Our new shareholder’s textile and retail experience will be a tremendous asset as we develop differentiated fibers that deliver the lasting performance benefits consumers have come to know and expect from our brands.”
The LYCRA Company will start day one as a fully operational subsidiary of Ruyi Group, with significant operations in various countries, among others 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 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. “As a spandex producer ourselves, we have admired the iconic LYCRA® brand for years, and we see the value The LYCRA Company adds to our business. We believe its assets and capabilities are a perfect complement to our own and will help strengthen our position as a world-class, fully-integrated textile company.”
The Ruyi Group primarily focuses on textile offerings with operations spanning from raw materials and textile processing, to the design and sale of apparel. Since 2016, the group has acquired several international luxury brands including Aquascutum, Sandro, Maje, and Claudie Pierlot.
About The LYCRA Company
The LYCRA Company innovates and produces fiber and technology solutions for the apparel and hygiene industries, as well as specialty chemicals used in the spandex and polyurethane value chains. Headquartered in Wilmington, Delaware, The LYCRA Company is recognized worldwide for its innovative products, technical expertise, and unmatched marketing support. While The LYCRA Company’s name is new, its legacy stretches back to 1958 with the invention of the original spandex yarn, LYCRA® fiber. Today, the company is focused on adding value to its customer’s products by developing unique innovations designed to meet the consumer’s need for comfort and lasting performance. For more information, visit lycra.com.
About Shandong Ruyi Investment Holding
Shandong Ruyi Investment Holding is one of the largest textile manufacturers in China, ranks first among the top 500 textile and apparel companies in China, and ranks among the Top 100 Chinese multinational enterprises. Headquartered in Jining, Shandong, the hometown of Confucius and Mencius, Shandong Ruyi Investment Holding operates 13 domestic industrial parks and boasts some of the largest production lines and advanced technologies in China. The company also has a significant distribution and retail network that services a global customer base spread across six continents. To learn more, visit www.chinaruyi.com
LYCRA®, LYCRA HyFit®, LYCRA® T400®, L by LYCRA®, COOLMAX®, THERMOLITE®, ELASPAN®, SUPPLEX®, TACTEL®, and TERATHANE® are trademarks of The LYCRA Company.
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The LYCRA Company