Invista plans to invest at least US$300m
(Shanghai Daily)
Updated: 2006-05-17 15:09 Integrated fibers and
polymers manufacturer Invista, which owns the Lycra brand, plans to invest at
least US$300 million in the next six months on China's mainland, according to
the company's chief executive officer.
"We plan to invest US$300 million to US$400 million here during the period,"
CEO Jeff R Walker said yesterday in Shanghai. "The investment would be used both
in production expansion and acquisitions."
Walker said the company is eyeing both local and international companies as
acquisition targets on the mainland and "the need from customers" compels them
to realize more local production. "Currently, sales in the mainland contributes
about 15 to 20 percent to Invista's global total, and we hope this can reach 30
to 35 percent, or maybe higher, after this investment is completed," he
added.
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