INVISTA, one of the world’s largest integrated producers of chemical intermediates, polymers and fibers, has agreed to sell its Apparel & Advanced Textiles business to Chinese textile giant, Shandong Ruyi. The deal is expected to be closed by mid-2018, the purchase price is undisclosed, according to INVISTA.

The transaction includes:

INVISTA’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, INVISTA chairman and CEO, in a statement. “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.” 

INVISTA will retain ownership of its nylon, polyester, polyols and licensing businesses and related brands. This includes INVISTA’s world-leading nylon 6,6 intermediates business, its global nylon polymer and fiber portfolio, and its widely recognized brands including STAINMASTER and ANTRON carpet fibers and CORDURA fabric.

INVISTA 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.

Last year Shandong Ruyi acquired French fashion SMCP, which it recently took public on the Paris stock exchange after helping the struggling retailer to boost its profits 22 percent in 2016