Hyosung has signed a memorandum of understanding to invest over $100 million dollars in a new spandex production facility to manufacture 10,000 tons per year capacity in Brazil. The plant will be located in the Santa Catarina region and is expected to be operational by next year. Additional investment is also planned in the future for a total of 20,000 tons per year as Hyosung wants to become the leader in South America.
“With the full startup of this facility, Hyosung is expected to be the largest producer in South America and reinforce our vision of being the global leader in spandex In addition, this investment, along with previous ones in Turkey, Vietnam, and China, demonstrates Hyosung’s commitment to the textile industry.”