INVISTA has acquired ADVANSA's assets in the Specialty Polyester products sector for apparel end uses.
The deal includes reversion of ADVANSA's licensed rights in greater Europe to the COOLMAX and THERMOLITE brands and acquisition of ADVANSA's THERMOCOOL brand, along with all related technologies and key staff. The announcement represents INVISTA's longstanding commitment to the differentiated fiber and apparel industries.
Prior to this transaction, ADVANSA had license rights to use the COOLMAX fabric and THERMOLITE fabric trademarks in Europe, the Middle East and Africa through a license agreement from INVISTA, the owner of these two brands. Through this acquisition, INVISTA is able to market and promote this portfolio of brands and technologies globally, allowing business development for all clients in the apparel textile chain to be more effective and efficient.
"The new unified global business in Specialty Polyester gives INVISTA's clients an outstanding spectrum of branded technologies to choose from, encompassing both the warm and cool fabric spaces with the THERMOLITE and COOLMAX brands, respectively, and the THERMOCOOL brand will enhance our specialties technology portfolio," said Dave Trerotola, president, INVISTA Apparel. "We are excited to have the global marketing and commercialization rights for the COOLMAX, THERMOLITE and THERMOCOOL brands. We look forward to a seamless transition for our global customers."
The transaction does not include ADVANSA's branded home textiles fiberfill business, its specialty fiber businesses for nonwovens and paper industries, or its manufacturing plant in Germany. ADVANSA, a leading European producer of polyester fibers, will continue to serve its customers with standard and unbranded fibers as before.
"This transaction will significantly strengthen ADVANSA's balance sheet and will allow us to focus on new investment opportunities as well as continuing to invest in and strengthen our ongoing retained businesses," said Dr. Heinz Meierkord, CEO, ADVANSA.
Key staff and consultants involved in the ADVANSA business have been hired and engaged by INVISTA, and sales and critical business support process are already operational. Terms of the acquisition were not disclosed.