Intima Asia
Hyosung SEEKS TO EXPAND ITS CREORA SPANDEX
13 December 2018
Hyun Joon Cho, President of Hyosung, is taking significant steps towards the expansion the global creora spandex business.
In the first quarter of 2018, the world's largest spandex producer announced plans to build its first spandex factory in the state of Maharashtra, India. The initial investment of $100 million will bring Hyosung's creora brand share in the Indian spandex market up to 70%, a market that has grown at a compound annual growth rate of more than 16% between 2012 and 2017; its growth is expected to reach 12% in 2020. Maharashtra, where Hyosung plans to build its factory, is a key region for textile production in India. The Maharashtra plant will create jobs and advance the regional economy, while stimulating the development of local businesses specializing in weaving, knitting and sewing.
President Hyun Joon Cho hopes that "Hyosung will grow along with the Indian economy." To support his projects, Hyosung has also joined a new EMEA Marketing Director, Simon Whitmarsh-Knight. Hyosung Corporation is one of Korea's largest conglomerates, with more than 36 global subsidiaries and offices worldwide, and over $12.6 billion in annual revenue. The group operates in seven sectors: textiles, industrial equipment, chemicals, industrial and energy systems, construction, trade and information and communication.
Copyright 2024. All rights reserved - Terms