Italian yarn maker Aquafil has inked an agreement with Invista to acquire certain assets related to the US-based fibre producer’s nylon 6 business activity in Asia Pacific.
The assets to be acquired relate to Invista’s polyamide 6 BCF fibre business in Asia Pacific with a turnover of about US$50m. Aquafil says the deal will be financed by its internal resources and is expected to close by 29 March.
Giulio Bonazzi, president and CEO of Aquafil, describes the move is a milestone for the further development of the group in the Asia Pacific region. “This deal will accelerate Aquafil’s investment programme in the area of Asia Pacific that remains the region with highest potential in terms of demand growth for synthetic fibres.”
The transaction does not include Invista’s other businesses in Asia, such as its nylon 6,6, polyester, polyols and licensing businesses and related brands.
The news follows the signing of a multi-year deal between Aquafil and chemical manufacturing company Genomatica last month in a move designed to develop caprolactam, a key ingredient to producing 100% sustainable nylon, for use in apparel and fibres.
Last year, Invista entered into an agreement to sell its Apparel and Advanced Textiles business (A&AT) – including its Lycra brand – to Shandong Ruyi Investment Holding, one of the largest textile manufacturers in China. Closing is expected by mid-2018.