Deals
China Dealmaker Pays Koch Industries $2 Billion for Lycra Empire
- Shandong Ruyi continues M&A spree after Aquascutum, SMCP deals
- Purchase includes Coolmax fiber brand, Thermolite insulation
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China’s Shandong Ruyi Group is paying more than $2 billion to buy the owner of Lycra, the form-fitting elastic material used in everything from skinny jeans to yoga pants, people with knowledge of the matter said.
The purchase from Koch Industries Inc. is part of the Chinese apparel producer’s goal to acquire leading global textile brands, one of the people said, asking not to be identified because the information is private. Shandong Ruyi Group announced Oct. 28 it will buy the Apparel & Advanced Textiles business of Invista, a subsidiary of Wichita, Kansas-based Koch Industries, for an undisclosed price.