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The global fashion business journal

19 Aug 201912:33

The owner of Lycra closes its sale to Sandong Ruyi for 2 billion

The operation closes near the time limit, fifteen months after signing the agreement and six months later than planned.

01 Feb 2019 — 19:00
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The owner of Lycra closes its sale to Sandong Ruyi for 2 billion

 

 

Shandong Ruyi closes the purchase of Invista, owner of Lycra. Fifteen months after the agreement was sealed, six months later than what was originally planned and close to the time limit to finish the transaction, both parties have concluded the trade.

 

Although the details of the operation have not been made public, nearby sources said that it amounted to 2 billion dollars, according to Bloomberg. Invista, until now property of the US industrial conglomerate Koch Industries, is also the owner of Coolmax and Thermolite.

 

That way, Shandong Ruyi acquires the current staff of Invista, which adds up to 3,000 workers, its portfolio of brands and all its industrial assets. At the time of closing the acquisition, the chairman of Shandong Ruyi’s management board, Yafu Qiu, assured that the new owner will maintain the current structure and identity of the division, as well as its strategy.

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