Nilit To Acquire Invista's European Nylon Apparel Business

London, UK — Nilit, a global leader in the production of Nylon, based in Israel, signed an agreement with INVISTA to acquire its nylon apparel facility in Oestringen, Germany and to buy INVISTA's nylon apparel product, from Gloucester, UK. .INVISTA will continue to operate the apparel facility in Gloucester and sell all of its production through Nilit. Under the deal, INVISTA will grant Nilit an exclusive license for the trademarks TACTEL®, CORDURA® and SUPPLEX® in Europe, the Middle East and Africa.

"I am personally very committed to our agreement with INVISTA. The combination of INVISTA's apparel fiber production, including its premier brands, with Nilit's innovative Sensil® specialty polyamide yarns, customized polymers, unique spinning techniques, innovation and history of long term relationships is very promising. It will help all our customers better meet the growing demands of an increasingly sophisticated consumer" said Michael Levi, Chairman of Nilit.

"As clearly shown by this deal, Nilit and INVISTA can play important roles in the European textile industry. This agreement will allow INVISTA to reinforce its position in Europe as the world's leader in quality branded apparel and textile innovation. INVISTA is committed to serve European fabric mills with its flagship LYCRA® brand," William Ghitis, President of Apparel at INVISTA commented after the deal was signed.

Known LYCRA® brand applications include Xtra Life LYCRA® for chlorine-resistant swimwear, LYCRA® T-400 for denim, Black LYCRA® for intimate apparel and RTW.

"We are also delighted by this deal," Ghitis continued, "because Nilit's talented management can provide more longevity for our current Nylon Apparel assets in Europe than any other known option."

The European assets and businesses of INVISTA's Interiors and Performance Fibers divisions are excluded from this agreement.

INVISTA's management have already entered into consultation with representatives of employees potentially affected by the deal, in accordance with their responsibilities to their employees and their representatives.

"Nilit prides itself on its commitment to its employees and its customers and has started regular contact with both groups to smooth the integration of the two businesses," Arie Gottlieb, General Manager of Nilit added.

The deal is expected to be closed at the end of February. The details of the deal will remain confidential.

SOURCE: Nilit Fibers Division