Shandong Ruyi New Milestone, The Beginning Of The New Year To Complete The Acquisition Of The American Lycra LYCRA Brand

In January 31, 2019, Shandong Ruyi Holding Group announced that it had completed the acquisition of the apparel and advanced fabric business of the company, including the world-renowned Lycra LYCRA brand.

This paction will further consolidate Ruyi's leadership in the global apparel and healthcare products market.

This paction includes the fiber and brand portfolio of the apparel and premium fabric business of infield, including LYCRA, LYCRA HyFit, COOLMAX, THERMOLITE, Elaspan, THERMOLITE, THERMOLITE, THERMOLITE, Elaspan, HyFit, TACTEL, etc.; TERATHANE, poly four methylene glycol (PTMEG), 1,4 butanediol (tetrahydrofuran) and tetrahydrofuran, and related production assets, R & D centers, global sales offices, and all relevant technology brands, product patents, and business, operation and administration personnel all over the world.

After the completion of the paction, the new company has been named the American Lycra group. Ruyi becomes the controlling shareholder of the Lycra group, and will operate its independent subsidiary to maintain its unique positioning, enterprise vision, development strategy and organizational structure.

The United States Coriolis industrial group, the original shareholder of iwda, will continue to work closely together, which will help and ensure the smooth pition and pfer of business after the paction. More importantly, it will set up a new paradigm for economic cooperation between China and the United States in the new situation.

Qiu yfu, chairman of the board of directors of Ruyi holding group of Shandong, said that Ruyi has always maintained a clear development path.

Intenter's leading international asset and technology and brand recognized by consumers will have a significant synergy with Ruyi's fabric and apparel business.

The acquisition has been successfully completed, and we are committed to the overall business integration and strive to develop from the fabric garment manufacturer to the world's leading technology textile and fashion brand leader, and further strengthen the group's international business and brand portfolio, and set a new milestone.

Ruyi also produces spandex itself, and for many years admired the LYCRA (Lycra) brand as an industry standard.

We believe that the Lycra group will add value to its business, and its assets and operational capabilities will become a perfect complement to its own business.

As an enterprise of Confucius and Mencius, we are proud of being born in Jining, Shandong. The acquisition of Lycra has been guided and supported by Party committees and governments at various levels in Shandong, Jining and Jining high tech zones. We are particularly grateful to the Shandong financial group, Shandong new energy guidance fund, Shandong energy group, sunshine insurance group and Jining High Tech Holding Group for their assistance to the project.

This is an important measure for all levels of government and partners to carry out the spirit of general secretary Xi Jinping's inspection of Shandong's important instructions, thoroughly implement the new and old energy conversion strategy of the state, assist the implementation of major projects of the new and old energy conversion of the Shandong provincial Party committee and the provincial government, and promote the high quality development of the real economy.

At the same time, Lycra, as the world's first textile technology brand, will bring great significance to the upgrading of China's textile and garment industry. The implementation of the project has been highly affirmed by the Chinese Academy of engineering and supported by the China Textile Industry Federation.

Sun Ruizhe, President of China Textile Industry Federation, said that Lycra is a leading brand in the world spandex industry, and has strong R & D and innovation capability to grasp the bargaining power of the industry.

The success of Ruyi group's acquisition will greatly enhance the added value and competitiveness of China's new chemical fiber materials and related products, and is an important milestone for China to pform from a big textile country to a textile power.

This acquisition will help Ruyi group to build the leading new material and fashion brand industrial cluster in the country, promote the rapid development of China's new textile materials and fashion brands, help the development of strategic emerging industries, and further reflect the new label of "technology, fashion and green" industry.

"We are very honored to be delighted to purchase, because we share our common vision and are committed to providing our customers with quality products, advanced technology and strong market support."

DaveTrerotola, CEO of Lycra group, said: "the Lycra group will continue to invest well. We look forward to working with our customers to bring more inspiring innovative products and technologies to the market.

We are developing differentiated fiber business, and consumers are beginning to recognize the benefits of our fiber's lasting performance. This is also what consumers expect of our brand. Our new shareholders' expertise in textiles and retail will greatly help and promote the development of our differentiated fiber business.

About Ruyi

Ruyi is a leading enterprise in China's textile and garment industry's comprehensive competitiveness, and also a world-famous light luxury brand holding group.

In the past 46 years, Jianye persisted in adhering to the development of the ecological chain of textile and garment industry, adhering to the strategy of "high-end, technology, branding and internationalization". At present, the group is in the leading position in the field of Fabric Science and technology and intelligent manufacturing. It is the fashion group that has the most perfect textile and apparel industry chain in the global luxury industry. In recent years, more than 30 fashion brands in France, Britain and Japan have been incorporated into the brand by integrating international famous brand resources through mergers and acquisitions.

The group's companies include SMCP, a listed French Pan European exchange, Renown Incorporated of Japan's main board, and Hong Kong listed companies's Li Bang holdings.

At present, the group has more than 6000 shops in 81 countries and regions, and has become the most influential Chinese enterprise in the global fashion industry.

About Lycra group

The Lycra group produces innovative fibers for apparel and materials industries, and provides advanced technology solutions. It also provides special chemicals for spandex and polyurethane value chain.

The Leica group is headquartered in Wilmington, Delaware, USA. Its innovative products, expertise and strong marketing support are well known worldwide.

Although the company is newly established, its business can be traced back to 1958, and the original spandex fiber -LYCRA (Lycra) fiber was born.

Today, the Lycra group focuses on value-added products for customers, and develops unique innovative solutions to meet the demands of consumers for comfort and durability.