Shandong Ruyi Group Completed The Acquisition Of American Company Lycra.

Shandong Ruyi Group acquired the "Lycra" issue and was approved by the CFIUS in July 2018. Now Shandong, China, has completed the acquisition of the American Lycra business, but the amount of the purchase has not been made public.

Shandong's Ruyi retail investment includes Aquascutum and SMCP (Sandro, Maje and ClaudiePierlot), renaming the world-famous Lycra brand and all the assets and contracts related to Leica, which are related to the existing owner Invista, and rename them to Lycra company.

Lycra CEO Dave Trerotola said in a statement that the company was lucky to be bought by Shandong Ruyi.

"The company shares our vision and our commitment to provide our customers with quality products, technical expertise and unmatched marketing support," he said.

The new company will operate as an independent subsidiary and will continue to manufacture advanced fiber and technology solutions for the clothing and health industries.

Lycra also has a large number of consumer goods and trade brands, including LycraHyFit, Lycra T400, LycraL, Coolmax, Thermolite, Elaspan, Supplex, Tactel and Terathane.

"With the continued investment of Ruyi, we look forward to working with our customers to bring exciting innovations to the market.

Our new shareholders' experience in textile and retail will be a huge asset, because we develop differentiated fibers to provide the enduring performance that consumers already know and expect from our brands, "Trerotola said.

The acquisition includes 8 manufacturing plants, 4 R & D laboratories, 17 offices in 14 countries, and about 3000 employees.

The current management and staff will continue to function.

Chairman of Shandong Ruyi board of directors, Yau Yau Fu, promised that Ruyi group will continue to invest in Lycra's innovative channels and brands so as to develop its business.

"As spandex manufacturers, we have been admired the trademark Lycra brand for many years. We can see that Lycra has added value to our business.

We believe that its assets and capabilities are the perfect complement to ourselves and will help consolidate our position as a world-class and fully integrated textile company.

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The tradition of Lycra can be traced back to 1958, and Shandong Ruyi Klc Holdings Ltd is China's largest textile and garment enterprise and ranks among the top 100 multinationals in China.

The company is headquartered in Jining, Shandong, and now has more than 13 domestic industrial parks.