HYOSUNG, the largest spandex producer in the world, announces plans to expand their production facility of creora® brand spandex in Nhon Trach, Dong Nai. Phase 1 will be operational in August and Phase 2 in November. This is to better serve needs in South East Asia as well as in anticipation of the Trans-Pacific Partnership (TPP) being approved with yarn forward rules of origin.
creora® is the world’s number 1 spandex in technology, quality, and market share (40%).
Undergoing two expansion phases that will take place in August and November 2013, the production facility of creora® brand spandex in Nhon Trach, Dong Nai, Vietnam, will be designated for the Asian customers.
Says Hyosung President, Mr C H Lee: “We invested to manufacture in Vietnam as the next step in Hyosung’s global growth strategy and to serve the South-east Asia Market. The state-of-the-art facility is world class competitive to ensure fast and reliable service in the region. We believe that as cost of goods seem to be increasing in China, South-east Asia will be increasingly important and think we are in best position to meet the customer needs with our proprietary technology.”
“We continue to invest in spandex as we believe market demand is going to continue to grow and our state of the art facilities will enable creora® to deliver the best quality, consistency, and value to solidify our global leadership position. We have numerous plants around the world including South Korea, China, Turkey, and most recently, we added one in Brazil to supply growth in South America.”
Hyosung Corporation is one of Korea’s leading multinational conglomerates, with annual worldwide sales of more than $5.5 billion. It maintains a global network of more than 73 subsidiaries and international branch offices around the globe.
The company operates in seven performance groups – textiles, industrial materials, chemicals, power & industrial systems, construction, trading and information & communication.