Hyosung starts commercial operation of Indian spandex unit

06 Dec '19

1 min read

Pic: Hyosung

South Korea’s Hyosung Corporation recently launched commercial operations at its first spandex plant in India recently. Located in the AURIC Industrial Complex near Aurangabad in Maharashtra, the new plant has an annual production capacity of 18,000 tonnes. With this, Hyosung aims to increase its spandex market share from 60 per cent now to 70 per cent.

“Adopting aggressive marketing strategy in the huge consumption market of India with a population of over 1.3 billion, we will promote symbiotic growth with the local industry,” said company chairman Cho Hyun-joon in a press release.

Since it initiated operation in India in 2007, Hyosung built a high voltage breaker plant in Pune in 2016 and is gaining over $300 million in sales annually by expanding business in India. The operation of the new spandex manufacturing facilities is expected to further increase its sales.

Hyosung considers Americas as the next site for another spandex plant.

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