$100 Million to Invest for Santa Catarina with 10,000 Tons in Annual Production Capacity
Building a global production network linking Asia, Europe and America
Hyosung announced its plans to build a new spandex plant with an annual production capacity of 10,000 tons in the State of Santa Catarina, Brazil, by investing a total of $100 million dollars. The new plant will be completed and start operating in April 2011.
One of the newly-emerging economies (BRICs) under the spotlight, Brazil is South America’s largest textile market with an annual growth rate of no less than 5%. In 2011, when full-fledged operations of the new plant are scheduled, Hyosung’s market share in the Brazilian textile market is expected to increase to 50% from the current 30%. Building our production base in Brazil will most likely guarantee stable supplies of our products to customers in the South American region, including Brazil and will help in our efforts to expand our presence in the market.
“This Brazilian spandex plant construction will bring a nice closure to our project that seeks to establish a global production network, something we’ve been pursuing since 1999. This network will link Asia (Korea, China, Vietnam), Europe (Turkey) and America (Brazil),” said Vice Chairman, Mr. Lee Sang-wun. He added, “As the global demands for spandex are growing, we’ll be working harder to be the top-rated spandex maker that ensures stable supplies for our customers around the world, satisfying them with the highest-quality products, services and production capacity by quickly responding to the ever-diversifying needs of our customers.”
