Invista's Lycra plant in Derry to be taken over by new Chinese owner

Invista in Derry is set to have a new Chinese owner. It's emerged that Invista's US-based parent company has entered into an agreement with Shandong Ruyi Investment Holding in China to sell its apparel and advanced textiles business, one of Invista's four major business units. Nearly 50 staff redundant were made redundant at the plant under a voluntary severance offer two years ago in an effort to improve productivity at the site. However, it is not known at this stage how the existing employees in Derry will be affected by the move. Once part of the DuPont group, Invista produces Lycra from a manufacturing plant at Maydown. Speaking to the Irish News about the move, invista's chairman and chief executive Jeff Gentry, said: “The apparel business has always been a strategic and valued part of our portfolio. “We engaged the market because we want this business to be owned by the company that can create the greatest value for customers, employees and stockholders. "In this case, we believe Shandong Ruyi Investment Holding has the knowledge and capability that will enable this business to thrive the most and succeed over the long term.”