Invista plans investments worth $300-400mln in China
19 May '06
2 min read
Invista an integrated fibers and polymers company, having the Lycra brand under its wings, plans to invest in China's mainland, reports firm's Chief Executive Officer.
An investment worth $300 million to $400 million would be go in developing manufacture and acquisitions.
Walker (CEO) said, the company is eyeing both local and international companies as acquisition targets on the mainland and 'the need from customers' induces them to encourage more local production.
At present, sales in the Mainland China comprises about 15 to 20 percent of the Invista's global total, and they anticipate to reach 30 to 35 percent, or perhaps higher, once this investment is accomplished.
Wichita, Kansas-headquartered Invista was in the past a textiles ancillary of chemical producer DuPont Co prior to sale to privately held business Koch Industries in 2004.
Their businesses include attire, interiors and intermediates.
William Ghitis, President of Invista's attire unit informed that the investment his corporation has arranged for has expand the spandex fiber business and achieve a turnover worth $500 million.
Ghitis said a new spandex fiber production line would be ready to ship in August further shipments in the second quarter next year from the company's new plant in Foshan, south China's Guangdong region.
Company is also scouting for a new site to enhance manufacturing capacities.
Besides, they are expect foray in nylon production for making airbags. They have a 65 percent worldwide market share in the segment already and hope to attain market leadership in China, Ghitis concluded.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
