Hyosung to invest in Spandex facility in Vietnam

South Korea-based Hyosung Corp. will invest $100 million in the construction of a spandex facility in Nhon Trach, Ho Chi Minh City, Vietnam. Scheduled to be operational by the second half of 2008, the plant will produce 15,000 tons of spandex annually. As Southeast Asia is growing as a sourcing area for the United States with increasing demand for shorter lead times, Hyosung believe it is essential to install production closer to the customer base. The company is expected to better meet the needs of customers for innovation and cost competitiveness with a new state-of-the-art facility using patented creora® technology.

Hyosung has almost doubled its spandex production capacity since the beginning of 2006, adding 43,000 tons at facilities in China, Turkey and Vietnam, alongside additional investment in Korea. The company expects to produce 92,000 tons a year by 2008.