Leading spandex producer Hyosung, says it has signed a memorandum of understanding to invest over US $100 million in a new spandex production facility to manufacture 10,000 tons per year capacity in Brazil. The plant will be located in the Santa Catarina region and is expected to be operational by next year. Additional investment is also planned in the future for a total of 20,000 tons per year as Hyosung sets its sights on becoming the market leader in South America

 “We are investing in Brazil because we recognize the growth potential of the South American continent and in particular Brazil’s importance in the future of the global textile business. This plant will better serve the needs of regional customers for product innovation, reliable service and delivery,” said President Whang of Hyosung’s Spandex Performance Unit.

“We believe that our state-of-the art, patented creora manufacturing technology, will offer the best combination of innovation with cost competitiveness for our customers to continue to grow and thrive” Mr Whang added.  With the full start up of this facility, Hyosung is expected to be the largest producer in South America and reinforce its vision of being the global leader in spandex.

Mr Whang said that in addition, this investment, along with previous ones in Turkey, Vietnam, and China, demonstrates Hyosung’s commitment to the Textile Industry.

Pictured above from the MOU signing ceremony on March 15, 2010 are left to right: Mr. Waldemar Zanotti , President of Zanotti Textiles, João Pedro Woitexen , Mayor  of Araquari, Chong Kwang Kim , Vice Chairman of Hyosung, Luis Henrique da Silveira ,Governor of  Santa Catarina, and Urich Kuhn, President of the Brazilian Textile Association.