Nylon producer Nilit buys Invista's Brazil unit
Israel-based nylon producer Nilit has acquired Invista's Americana, Brazil manufacturing site - adding its nylon 6.6 operations to the company's existing facilities in the US, China and Israel.
"South America in general - and Brazil in particular - both represent a key opportunity for Nilit," said Fabio Kahn, managing director of Nilit's fibres division. "We have been active in this market since the early 1990s and have developed an excellent reputation for quality and service, with a growing number of active customers. We plan to increase our [draw textured yarn] DTY capacity and to reinforce our local presence."
Zion Ginat, Nilit's general manager, added: "With this acquisition, we can significantly reinforce Nilit's commitment to the Brazilian market, enabling us to expand sales to other customers, especially in the circular and warp knitting segments, by taking advantage of a very efficient, well-maintained and highly established site.
"A local production presence will guarantee a fast market penetration and, in addition, a footprint in Brazil, which will allow further potential expansions. We look forward to cooperating with the local workforce."
Terms of the transaction were not publicly disclosed as both Nilit and Invista are privately held. The two firms expect the transaction will close in the fourth quarter pending receipt of necessary regulatory approvals.
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