INVISTA will keep Derry in loop over LYCRA takeover

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INVISTA has vowed to keep its Derry staff in the loop over textile giant Shandong Ruyi Investment Holding’s purchase of its LYCRA divsion, which includes Maydown.

Details of the Chinese group’s acquistion of INVISTA’s clothing and advanced textiles business were announced this week. The takeover is due for completion next year.

A spokesperson for the long-standing local employer said: “We have and will continue to communicate updates to our Maydown employees on this.”

Sinn Féin MP Elisha McCallion said workers needed to receive reassurance from the firm, although she welcomed the positive noises coming from Shandong Ruyi.

“The initial indications are positive as Shandong Ruyi have said they intend to invest in INVISTA,” said the local MP.

Yafu Qiu, Shandong Ruyi Board Chairman, said: “Over the decades, the LYCRA brand has transformed the apparel industry, and continues to do so today.

“We are committed to taking this business to the next level through continued investment in innovation and the business’ portfolio of consumer-recognized brands.”