Shandong Ruyi Investment Holding has entered a definitive agreement to acquired Invista‘s Aparel and Advanced Textiles business, which included the well-known Lycra brand. Shandong Ruyi plans to  acquire A&AT—one of INVISTA’s four major business units—in the form of stock transaction, to further solidify its position as a global leader in the apparel and hygiene markets. In addition to Lycra, the unit includes Coolmax fiber, Thermolite fiber and insulation, Elaspan fiber, Tactel fiber, a number of other fiber and ingredient products as well as all related manufacturing assets, research and development centers and sales offices around the globe. The division employs approximately 3000 employees globally.

“Invista’s worldclass assets and consumer-recognized brands are a perfect fit for our growing portfolio of textile-related products,” says 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 Investment Holding intends 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, says, “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.”