Updated — Italian materials firm Radici Group will expand its nylon resin business by acquiring Invista's Engineering Polymer Solutions unit — which includes part of that firm's nylon 6/6 business.
No purchase price was disclosed for the deal, which covers Torzen-brand nylon 6/6 glass-reinforced, mineral-filled, toughened and flame retardant polymer grades. Nylon 6/6 feedstock — as well as lubricated, and high viscosity polymer products will remain with Wichita, Kan.-based Invista, along with the firm's fiber polymer, specialties operations and recycle businesses.
“Invista continues to play a significant and valuable role upstream of these compounded, engineered polymer products,” a spokesperson said, adding that the firm is adding overall capacity with the startup of its world-scale nylon 6/6 polymer and HMD feedstock plants in Shanghai.
“All of these efforts reflect the company's goal to provide the most efficient and reliable route to its polymer customers,” the spokesperson said. “Invista remains committed to the nylon 6/6 market and will continue to find the best way to create value for customers and society.”
The deal between Bergamo, Italy-based Radici and Invista is expected to close in 60 days, officials said in a Sept. 14 news release. The move will increase Radici's production capacity, with the addition of Invista's plants in Chattanooga, Tenn., and Born, the Netherlands. The Chattanooga plant will be closed, with production moving to existing Radici sites in North America. Invista declined to provide employee totals or production capacities for the two plants.
Radici has previously stated its growth strategy included acquiring market share in the nylon business. In August 2015, the firm acquired the nylon business of Mexican firm Resinas TB SA de CV. OEM approvals will be valid and usable worldwide in industries including automotive, electrical/electronics, industrial and consumer goods, Radici officials added.
In addition to nylon, Radici's Performance Plastics business also supplies polybutylene terephthalate, thermoplastic elastomers and acetal. Radici Group, which also produces chemicals, synthetic fibers and nonwovens, generated 1 billion euros ($1.12 billion) of sales in 2015.
Invista entered the nylon 6/6 market in 2009 after the expiration of a non-compete agreement with DuPont Co. Koch had bought DuPont's fibers business in 2004 and combined it with a PET business it also owned at the time to create Invista.
