Nylon producer today announced the signing of an agreement to acquire fiber manufacturer Invista's nylon apparel facility in Oestringen, Germany and to buy Invista's nylon apparel product, from Gloucester, UK. No value was disclosed.
Invista will continue to operate the apparel facility in Gloucester and sell all of its production through Nilit.
Invista’s management has already entered into consultation with representatives of employees potentially affected by the deal.
Nilit is a manufacturer of flat, texturized and partially oriented yarns for knitting applications, from polyamide.
Nilit general manager Arie Gottlieb said, “Nilit prides itself on its commitment to its employees and its customers and has started regular contact with both groups to smooth the integration of the two businesses."
Invista is comprised of five businesses: apparel; performance and textile fibers; interiors; intermediates; and polymer and resins.
The European assets and businesses of Invista’s interiors and performance fibers divisions are not included in the agreement.
Invista's product portfolio includes global brands and trademarks such as Lycra, StainMaster, Atntron, PolarGuard, CoolMax, ThermoLite, Avora, Cordura, Supplex, Tactel and ESP.
Under the deal, Invista will grant Nilit an exclusive license for the trademarks Tactel, Cordura and Supplex in Europe, the Middle East and Africa.
Nilit chairman Michael Levi said, “The combination of Invista's apparel fiber production, including its premier brands, with Nilit's innovative Sensil specialty polyamide yarns, customized polymers, unique spinning techniques, innovation and history of long term relationships is very promising."
“As clearly shown by this deal, Nilit and Invista can play important roles in the European textile industry. This agreement will allow Invista to reinforce its position in Europe as a world leader in quality branded apparel and textile innovation."
Invista president of apparel William Ghitis said, "Invista is committed to serve European fabric mills with its flagship Lycra brand. We are also delighted by this deal because Nilit’s talented management can provide more longevity for our current nylon apparel assets in Europe than any other known option.”
Published by Globes [online], Israel business news - www.globes.co.il - on Monday, January 30, 2006