Hyosung T&C's spandex plant in Turkey
Hyosung T&C's spandex plant in Turkey

 

Hyosung T&C will invest 60 billion won ($53 million) in the Cerkezkoy area near Istanbul, Turkey, and expand its spandex production plant with an annual capacity of 15,000 tons by July next year, the company said on Nov. 2.

When the expansion is completed, the production capacity of the spandex plant in Turkey will be expanded to about 40,000 tons.

The expansion is based on Chairman Cho Hyun-joon's judgment that the company needs to make a preemptive investment as the global clothing market is recovering in earnest, especially in the European market.

In particular, the European market has been suffering from inventory shortages due to a continued shutdown caused by the COVID-19 crisis. Hyosung T&C expects the expansion to meet the recovering global textile demand of 750 trillion won.

Chairman Cho said, "We need to strengthen our dominance in the European premium market, focusing on Turkey, which is the production base for European customers, to solidify our position as the undisputed No. 1 in the world by widening the gap with our competitors."

Hyosung T&C has been increasing its market presence in Europe after two additional expansions since it built a production base in Turkey in 2008.

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