NILIT® to purchase INVISTA’s Americana, Brazil, nylon plant
INVISTA Apparel to focus Brazil business and manufacturing on LYCRA® spandex brand
Americana, Brazil / Migdal HaEmek, Israel (Oct. 16, 2014)
– NILIT®, a manufacturer of nylon 6.6 for thermoplastics and apparel applications, announced today that it has signed an agreement to acquire INVISTA’s Americana, Brazil, manufacturing site with intent to continue the site’s nylon 6.6 operations.
The parties anticipate the transaction will close in the fourth quarter of 2014 pending receipt of necessary regulatory approvals. Terms of the transaction were not publically disclosed as both NILIT and INVISTA are privately held.
“I want to extend thanks and appreciation to all INVISTA employees in Americana for their dedication through this process,” said Dave Trerotola, president of INVISTA Apparel & Advanced Textiles. “We believe the Americana site’s nylon 6.6 operations will enhance NILIT’s global manufacturing presence, and we wish them well as the Americana site opens a new chapter in its history.”
Fabio Kahn, NILIT Fibers Division—Managing Director, said, "In addition to our sites in the US, China and Israel, this acquisition complements NILIT’s global nylon 6.6 manufacturing operations. South America in general—and Brazil in particular—both represent a key opportunity for NILIT. 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 DTY capacity and to reinforce our local presence."
Zion Ginat, NILIT Group—General Manager, said, “The valuable assets at the Americana site will allow NILIT to increase the value we provide to our customers. 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.”
Trerotola added, “INVISTA Apparel remains very much committed to Brazil, and this transaction will allow us to focus our energy in Brazil on our growing LYCRA® spandex business. We are making very significant investments in our Paulínia, Brazil, spandex manufacturing operation and in marketing initiatives in Brazil.”