The worldwide manufacturers of Glospan spandex, Globe Manufacturing, has announced that it has entered into a purchase and sale agreement for the sale of its assets to RadiciSpandex Corp, a subsidiary of the Radici Group.

The terms of agreement between Globe Manufacturing and the Italy-based Radici Group were not disclosed.

RadiciSpandex Corp has stated that it intends to continue Globe's current operations, maintaining good relationships with the company's customers and vendors.

Richard Heitmiller, chief executive officer of Globe Manufacturing, said: "We are extremely pleased with this purchase and sale agreement. Partnering with Radici Group provides an opportunity to create incredible synergies within existing markets, as well as to gain entry into new global ones and allow Globe's business to continue to grow with its customers and maintain its position as a leading producer of spandex fibre."