The world's second largest spandex producer Hyosung will acquire the Tongkook spandex facilities in southeastern China, which will add 6000 tons of capacity to the company's creora brand portfolio.
“Our vision is to become the leader in spandex through our continued investment and commitment to the textile industry. We have invested in personnel, in the creora brand, in new innovations and in world class manufacturing.” shared Greg Vas Nunes, President of Europe and the Americas. “Hyosung is continuing to explore opportunities for additional investment in spandex facilities in Europe and the Americas. We had a great opportunity to invest in China and, in the short term, this expansion will allow us to better serve the needs of our customers globally.”
The spandex investments are part of the overall global growth strategy of Hyosung. Last month, Hyosung announced the acquisition of the Goodyear Tire and Rubber Co’s tire-cord manufacturing operations in the U.S., Brazil, and Luxembourg solidifying its position as worldwide leader in this segment.