Hyosung Builds Spandex Plant in Brazil

Following the plants in Asia and Europe, Hyosung will now construct a spandex plant in South America.

Hyosung announced on Monday its decision to invest a total $100 million in the spandex plant to be built in Brazil with annual production capacity of 10,000 tons of spandex. The company plans to expand the production capacity to 20,000 tons per year by building additional facilities in the future. The new plant will be located in Sana Catarina, the southern region of Brazil. The plant construction is scheduled to be completed by April 2011 and operation is to start afterwards.

Drawing people's attention as one of BRIC country, Brazil is South America's largest textile market with an annual growth rate of over 5%. After the plant starts full-fledged operation in 2011, Hyosung expects Brazil's current market share that hovers around the 30% range to be raised up to 50%. An increase of share in the textile market is anticipated as the establishment of a local production facility will ensure a stable product supply to customers not only in Brazil but also across the United States.

Hyosung remarked that building the new plant in Brazil has brought the company to establish a global production network.

[Written by Moon Il-ho- Minjeong Song/ edited by Soyoung Chung]

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