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Wilmington - Shandong Ruyi Investment Holding has entered into a definitive agreement to acquire Invista’s Apparel & Advanced Textiles business, which includes the renowned, global Lycra brand.

Invista first suggested it may be willing to sell the business in February of this year. Under the terms of the deal Shandong Ruyi will acquire A&AT - one of Invista's four major business units - in the form of stock transaction, a move that will firm up Ruyi’s position as a global leader in the Apparel and Hygiene markets.

Included in the transaction is Invista's A&AT’s portfolio of differentiated fibres and brands including Lycra fiber, Lycra HyFit fibre, Coolmax, Thermolite and insulation, Elaspan, Supplex and Tactel fibre.

It also includes 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; and all associated technical, commercial, operations and administrative staff -approximately 3,000 employees globally.

“Invista’s 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. We also see opportunity to leverage Shandong Ruyi Investment Holding’s existing capabilities - including our spandex manufacturing assets - to further enhance A&AT’s position in the global marketplace.”

Completion of the agreement is subject to customary closing conditions including regulatory clearances from competition authorities. Closing is expected by mid-2018.

Shandong Ruyi said it also intended to maintain the unique identity of the A&AT business. The business’ current vision, strategy and organizational structure would also remain in place, while benefitting from the global textile and retailing expertise of its new shareholder.

Dave Trerotola, President of Invista A&AT, said: “This change in ownership is an exciting time for the Apparel & Advanced Textiles business as we look forward to continuing to develop our brands and broaden our capabilities and offerings to our customers. We look forward to working together with Shandong Ruyi Investment Holding to achieve our growth objectives now and into the future.”

Shandong Ruyi is one of the largest textile manufacturers in China and ranks No.1 out of the top 500 textile and apparel companies in China.

The group predominately engages in textile offerings and owns a fully-integrated value chain with operations spanning across raw materials cultivation, textiles processing, and design and sale of brands & apparel.

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. It also has a significant distribution and point of sales (POS) network that services a global customer base with close to 5,000 POSs spread across 6 different continents.

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