Invista Explained

INVISTA
Hq Location City:Wichita, Kansas
Hq Location Country:United States
Industry:Spandex, Resin, Chemical, Polymer
Num Employees:10,000
Type:Subsidiary
Parent:Koch Industries

Invista (stylized as INVISTA) is a fiber, resin, and intermediates company headquartered in Wichita, Kansas, United States. It has about 10,000 employees in over 20 countries worldwide.[1] The predecessor DuPont Textiles and Interiors was formed from DuPont's textile fibers division in February 2003.[2] The company was given the trademarked name INVISTA and was then sold to privately owned Koch Industries on April 30, 2004 for billion.[3] Koch Industries combined the newly acquired organization with their KoSa subsidiary to complete the INVISTA company.[4]

Operations

INVISTA's products include many brands.

In 2008, Invista sued Rhodia, a chemical company, for theft and misappropriation of a chemical process technology used to produce nylon 6,6.[5]

In February 2009, INVISTA announced a refinancing and capitalization plan that had reduced its debt by $1.6 billion since the previous June.[6] In the same year, Invista was the launch sponsor for WWDChina Week in Review, a weekly fashion publication.[7]

Also in 2009, INVISTA agreed to pay a $1.7 million civil penalty and spend up to $500 million to correct self-reported environmental violations at its facilities in seven states.[8] [9] Prior to the settlement, the company had disclosed to the EPA more than 680 violations after auditing 12 facilities acquired from DuPont in 2004.[10] [11] In June 2012, DuPont & INVISTA agreed to an out of court settlement to resolve indemnification issues related to these environmental issues.[12]

In 2019, Invista sold its Apparels & Advanced Textiles business to Shandong Ruyi. The sale included brands Lycra, Coolmax, and Thermolite. It was said to have cost more than $2 billion.[13] Koch Industries still retains a minority stake in The Lycra Company.[14]

External links

Notes and References

  1. News: Carroll. Jeremy. 4 October 2013. Invista and Ingenza team up for bio-derived chemicals. Plastics News . 13 December 2021.
  2. DuPont Announces Board of Directors for DuPont Textiles & Interiors . https://web.archive.org/web/20060516093520/http://www2.dupont.com/Media_Center/en_US/news_releases/2003/nr05_01_03a.html. 16 May 2006 . dupont.com . May 1, 2003 . 13 December 2021.
  3. DuPont and Koch Subsidiaries Agree On Sale of INVISTA Fibers Unit. https://web.archive.org/web/20060516093536/http://www2.dupont.com/Media_Center/en_US/news_releases/2003/nr11_17_03a.html. dupont.com. November 17, 2003. 16 May 2006. 13 December 2021.
  4. Koch Subsidiaries Buy Fibers Unit from DuPont . invista.com . April 30, 2004 . 2011-02-24 . dead . https://web.archive.org/web/20110524062036/http://www2.invista.com/news_releases/2004/pr_040430_invistasale.html . May 24, 2011.
  5. Web site: US: Invista files lawsuit over nylon trade secrets. Just-Style. Nov 14, 2008.
  6. Web site: Moon. Chris. Wichita-based Invista reduces debt, adds capital. Wichita Business Journal. Feb 10, 2009 .
  7. Web site: WWD Debuts WWDChina Week In Review. Business Wire. Mar 12, 2009 .
  8. United States Announces Largest Settlement Under Environmental Protection Agency's Audit Policy . U.S. Department of Justice . 9 April 2009 . 2010-05-31.
  9. United States Announces Largest Settlement Under Environmental Protection Agency's Audit Policy . U.S. Environmental Protection Agency . 13 April 2009 . 2010-05-31.
  10. News: Invista to correct EPA violations . Levi Wolters . Wichita Business Journal . 13 April 2009 .
  11. Invista, Agencies File Agreement . Invista . 13 April 2009 . 2010-05-31 . https://web.archive.org/web/20100905170543/http://www.invista.com/news_releases/2009/pr_april_13_09_release.shtml . 5 September 2010 . dead .
  12. News: Invista and DuPont (DD) Settle Litigation in NY District Court.
  13. News: 2019-02-01. Chinese Luxury Firm Closes Long-Delayed $2 Billion Lycra Deal. en. Bloomberg.com. 2020-11-02. https://web.archive.org/web/20190201142215if_/https://www.bloomberg.com/news/articles/2019-02-01/chinese-luxury-firm-closes-long-delayed-2-billion-lycra-deal. 2019-02-01.
  14. News: Murdoch. Kane Wu, Scott. 2020-08-06. 'China's LVMH' Shandong Ruyi resists Lycra sale in favour of IPO amid debt crisis: sources. en. Reuters. 2020-11-02.

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