News & Blog

The LYCRA Company enters into definitive agreement to sell Apparel & Advanced Textiles business

WICHITA, Kan. - Oct 30, 2017

The LYCRA Company has entered into a definitive agreement with Shandong Ruyi Investment Holding to sell The LYCRA Company’s Apparel & Advanced Textiles business, one of The LYCRA Company’s 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:

  • The LYCRA Company’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
  • TERATHANE® 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)

“The Apparel business has always been a strategic and valued part of our portfolio,” said Jeff Gentry, The LYCRA Company 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.”

The LYCRA Company will retain ownership of its nylon, polyester, polyols and licensing businesses and related brands. This includes The LYCRA Company’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. The LYCRA Company 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 The LYCRA Company to continue building on this heritage of leadership and innovation.”

Goldman Sachs & Co. LLC is serving as exclusive financial advisor to The LYCRA Company, and Jones Day is acting as The LYCRA Company’s legal advisor on this transaction. J.P. Morgan is serving as exclusive financial advisor to Shandong Ruyi Investment Holding, and Latham & Watkins is acting as Shandong Ruyi Investment Holding’s legal advisor on this transaction. J.P. Morgan and Barclays are providing committed financing to affiliate(s) of Shandong Ruyi Investment Holding.

*Note that A&AT was sold on Jan, 29 2019 and is no longer part of INVISTA, we are now doing business as The LYCRA Company – You can find more information in this press release.

About THE LYCRA Company

The LYCRA Company innovates and produces fiber and technology solutions for the apparel and personal care 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. The LYCRA Company owns leading consumer and trade brands:  LYCRA®, LYCRA HyFit®, LYCRA® T400®, L by LYCRA®, COOLMAX®, THERMOLITE®, ELASPAN®, SUPPLEX®, TACTEL®, and TERATHANE®. 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 LYCRA Company is focused on adding value to its customers’ products by developing unique innovations designed to meet the consumer’s need for comfort and lasting performance. For more information, visit www.thelycracompany.com.

LYCRA®, LYCRA® FitSense™, and LYCRA® MyFit™ are trademarks of The LYCRA Company.

* A complete up-to-date list of our current certifications can be found at lycra.com/sustainability.