Invista has entered into a definitive agreement with Shandong Ruyi Investment Holding to sell its apparel and advanced textiles (A&AT) business, one of Invista’s four major business units. Completion of the agreement, which includes Lycra brand, is subject to customary closing conditions including regulatory clearances from competition authorities.

Invista will retain ownership of its nylon, polyester, polyols and licensing businesses and related brands. This includes Invista’s world-leading nylon 6,6 intermediates business, its global nylon polymer and fibre portfolio, and widely recognized brands including Stainmaster, Antron carpet fibres and Cordura fabric. Invista will also retain its intellectual property rights for 1,4 butanediol, tetrahydrofuran and polytetramethylene ether glycol technologies and will continue to license these technologies on a global basis.

"The apparel business has always been a strategic and valued part of our portfolio," said Jeff Gentry, Invista chairman and chief executive officer.

"Invista’s world-class assets and consumer-recognised brands are a perfect fit for our growing portfolio of textile-related products," said Yafu Qiu, chairman of the board of Shandong Ruyi Investment Holding. "We also see opportunity to leverage Shandong Ruyi Investment Holding’s existing capabilities—including our spandex manufacturing assets—to further enhance A&AT’s position in the global marketplace."