CHINA: Invista plans $300m investment into mainland
Lycra brand owner Invista aims to invest a minimum of US$300m into China over the next six months, CEO Jeff R Walker told Shanghai Daily.
The fibre and polymer maker will spend up to $400m on the Chinese mainland, which will go toward both manufacturing growth and acquisitions, Walker said.
The company is considering buying either local or global businesses because of product demand.
Walker said: "Currently, sales in the mainland contribute about 15% to 20% to Invista's global total, and we hope this can reach 30% to 35%, maybe higher, after this investment is completed."
In addition, Invista's apparel president William Ghitis was cited as saying investment into the spandex business will total $500m and that a new spandex production line will begin to turn out shipments in August, with another planned for the second quarter next year.
A spokesperson for Invista could not be reached by just-style.
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