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On October 28, 2017, Invista, a US polymer and fiber supplier, announced that it has signed a definitive agreement with Shandong Ruyi Investment Holding Group to sell one of the company's four business segments of apparel and advanced textiles. The completion of the transaction will be based on the progress of the regular transaction terms, including the review and approval process of the relevant regulatory authorities. The acquisition is expected to be completed in mid-2018 and the purchase price will not be disclosed.
The INVISTA business involved in this transaction includes:
INVISTA apparel business related fiber and brand portfolio, including LYCRA® fiber, Lycra HYFIT® fiber, COOLMAX® fiber, THERMOLITE® fiber and thermal insulation material, ELASPAN® fiber, SUPPLEX® fiber and TACTEL® fiber product
TERATHANE® PTMEG (polytetrahydrofuran), BDO (1,4 butanediol), THF (tetrahydrofuran) production
All relevant technical, operational, business and functional personnel in relevant global production plants, R&D centers and sales offices (about 3,000 people worldwide)
INVISTA will retain its nylon, polyester, polyol and technology licensing businesses and related brands, including its world-leading nylon 6,6 intermediates business, global nylon polymer and fiber portfolio, and the well-known STAINMASTER® and ANTRON® brands. Carpet fiber and CORDURA® brand fabric. INVISTA will also retain its intellectual property rights in BDO (1,4 butanediol), THF (tetrahydrofuran) and PTMEG (polytetrahydrofuran) technologies and continue to carry out relevant technology licensing operations worldwide.
Jeff Gentry, Chairman and CEO of INVISTA, said: The apparel business has always been an important strategic part of the company. We are in contact with market stakeholders because we want the business to be able to operate under the new buyer’s Create maximum value for customers, employees and shareholders. Therefore, for this transaction, we believe that Shandong Ruyi has the business knowledge and capabilities in this field, which can promote the development of this business and achieve long-term success. We look forward to strengthening the development of our nylon value chain. Over the past 80 years, we have introduced a number of innovative technologies and products for the nylon industry, including the most advanced adiponitrile technology on the market. We have outstanding talents and have accumulated a wealth of business expertise for decades. We will inherit and further consolidate our market leadership and continue to write our history of innovation.
Shandong Ruyi Holding Investment Group is headquartered in Jining, Shandong Province, with annual sales of more than 4.6 billion US dollars. It produces and sells wool textiles in China and around the world. The company's own Ruyi brand has more than 3,000 sales outlets in the Asia Pacific market.
Qiu Yafu, Chairman of the Board of Directors of Shandong Ruyi Holdings Investment Group, said that INVISTA's world-class assets and consumer-recognized brands fit well with our growing portfolio of fabric-related products. The Lycra® brand has changed the apparel industry over the past few decades and remains so. We are committed to taking this business to new heights by continuing to invest in innovation and a brand portfolio that is recognized by consumers in this business. We have also seen opportunities to leverage the existing capabilities of Shandong Ruyi Investment Holding Group – including our spandex-based assets – to further strengthen our position in the global market for apparel and premium fabrics.
The transaction was handled by Goldman Sachs as the exclusive financial advisor to INVISTA and Jones Day as the legal advisor to INVISTA. JPMorgan Chase was the exclusive financial advisor to Shandong Ruyi Investment Holding Group in this transaction, and Ruisheng International Law Firm acted as legal advisor to Shandong Ruyi Investment Holding Group. JPMorgan Chase and Barclays provided financing commitment letters to Shandong Ruyi Investment Holding Group affiliates.
In recent years, Ruyi Group has continuously operated in the international market and has acquired a number of overseas brands, such as:
In June 2010, it invested about US$44 million and acquired 41.53% of the shares of Renowned, a well-known Japanese clothing company, and became the largest shareholder.
In 2016, it acquired the parent company of Sandro, Maje and Claudie Pierlot, the French fashion group SMC P. The exact amount of the transaction has not been announced and is expected to be around 1.3 billion euros, including some of the debt of the SMCP Group.
In March of this year, the British windbreaker brand Aquascutum was acquired from Hong Kong-listed company YGMTRADING for US$117 million.
On October 20 this year, Ruyi’s SMCP successfully landed on the Paris Euronext, with a current market value of approximately 1.6 billion euros (about 12 billion yuan).
About INVISTA
One of the world's largest manufacturers of chemical intermediates, polymers and fibers, headquartered in Wichita, Kan., with more than 50 branches, offices and factories worldwide. With the research and development of nylon, spandex, polyester fiber and special materials, the products are widely used in clothing, carpets, car airbags and other daily necessities.
INVISTA was originally a subsidiary of DuPont in 2003, formerly known as DuPont Textiles and Interiors. In 2004, DuPont sold it to Koch Industries, and Koch joined the subsidiary Kosa to form today's INVISTA. As a wholly-owned subsidiary of the Koch Industries Group, INVISTA employs 10,000 people in more than 20 countries around the world.
INVISTA owns major brands such as LYCRA®, COOLMAX®, CORDURA®, STAINMASTER® and ANTRON®.
Editor in charge: Xu Yuehua
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