Hyosung Corp., one of the largest spandex producers in the world, has increased its capacity in China and Vietnam by 12 percent to 190,000 tons. The additional expansion in Vietnam is in anticipation of the completion of the Trans-Pacific Partnership agreement between the U.S., Vietnam and 10 other countries, and the additional capacity in China is to meet growth in consumer demand for spandex.
In addition to investment in capacity, Hyosung has opened a Textile Development Center in Jiaxing, China, to focus on fabric development and innovation. The center includes covering, hosiery, seamless and circular knitting, and weaving equipment. The intent is to use the facilities to test new Creora spandex product innovation and to develop prototype concepts.
“We are constantly looking for new ways to add value for our customers,” said Hyosung president C.H. Kim. “Our innovation platforms are focused on improved processing value, enhanced functionality and new aesthetics. Our new development center will provide a competitive advantage when combined with our latest manufacturing capability. Our intent is to support our customers through new innovation and business development.”
Hyosung is a major South Korean multinational conglomerate, with annual worldwide sales of more than $11.5 billion. It maintains a global network of 73 subsidiaries and international branch offices around the globe.