Hyosung Invests In Turkey, Expands Guangdong Capacity
South Korea-based Hyosung Corp. is to build a spandex facility in Turkey, capable of producing
15,000 tons of spandex per year. The plant, with a price tag of $130 million, is expected to be up
and running by the end of the year.
“We are investing in Turkey as part of Hyosung’s global growth strategy and to demonstrate our commitment to the textile industry,” said Greg Vas Nunes, president, Europe and the Americas, Hyosung.
“We will be able to better meet the needs of customers for innovation and cost competitiveness with this state-of-the-art facility using our patented creora® technology. As Turkey, Israel, Jordan and Morocco are important sourcing areas for the US with increasing demand for shorter lead times, we believe it is essential to install production closer to our customers to better service their needs.”
In other company news, Hyosung is also set to increase capacity at its Guangdong plant in Zhuhai, China.
The company hopes its latest investments and acquisitions will grow the company to a total production capacity of 87,000 tons per year by the end of 2008.