Nilit, a manufacturer of nylon for apparel and thermoplastic applications, said Sunday it has signed an agreement to acquire Invista’s Americana, Brazil, manufacturing site with intent to continue the site’s operations.
The companies expect the transaction to close in the fourth quarter of 2014, pending necessary regulatory approvals. Terms of the transaction were not publicly disclosed, as Nilit and Invista are both privately held.
Fabio Kahn, managing director of Nilit’s Fibers Division, said, “In addition to our sites in the U.S., China and Israel, this acquisition complements Nilit’s global nylon 6.6 manufacturing operations. South America in general, and Brazil in particular, both represent a key opportunity for Nilit. We have been active in this market since the early Nineties and have developed an excellent reputation for quality and service, with a growing number of active customers. We plan to increase our…capacity and to reinforce our local presence.”
Dave Trerotola, president of Invista’s Apparel & Advanced Textiles unit, said, “We believe the Americana site’s nylon 6.6 operations will enhance Nilit’s global manufacturing presence and we wish them well as the Americana site opens a new chapter in its history.”
Trerotola added that Invista Apparel remains committed to Brazil and this transaction will allow the company to focus its energy in Brazil on its growing Lycra spandex business. “We are making very significant investments in our Paulínia, Brazil, spandex manufacturing operation and in marketing initiatives in Brazil,” he said.
Nilit is an integrated nylon 6.6 business engaged worldwide in fibers for the textile industry and engineering plastics for the automotive and electrical industries. Based in Israel, it has an international customer base, with offices and production sites in Italy, the U.S., Germany, France, Latin America, Asia Pacific and China.