Nylstar acquires Amfibe; 200 jobs retained through $44 million investment
Henry County - Governor Jim Gilmore today announced Nylstar's decision to create 50 new jobs in Henry County as the company acquires Amfibe, a textile yarn production company located there. Nylstar, a joint-venture company owned by Rhodia and Snia S.p.A., is the world's second largest producer of textile nylon yarn. The company will retain Amfibe's 200 employees and invest $44 million in expansion efforts. Virginia successfully competed with Canada and Mexico for the investment.
"This is great news for the Martinsville/Henry County region," said Governor Gilmore. "We are committed to reviving the communities of Southside Virginia heavily impacted by the shutdown of Tultex. Today's Nystar announcement is another positive sign of economic growth and recovery for this region."
The acquisition of Amfibe will enable Nylstar to redesign the existing plant and install new production lines to produce up to a total capacity of 20,000 tons per year of specialty nylon 6.6 yarns. The new plant will become the most modern production facility of nylon 6.6 yarn by combining highly advanced and exclusive spinning technologies, with Nylstar's in depth industry knowledge.
Located in Milan, Italy, Nylstar employs 3,600 people and has nine production facilities in Europe including the major textile tradition countries of Italy, Spain, France, Germany, Slovakia and Poland. The company is the European leader with a 40% share of the European market, and a consolidated turnover of $600 million. Nylstar is present with its brands Meryl and Elité in all application sectors with new solutions in sportswear, ready-to-wear, underwear, socks and accessories. Nylstar is dedicated to enabling textile customers to improve products' performances from the technical and aesthetic points of view.
"Henry County was selected for its highly skilled workforce that has the experience and knowledge to meet our needs. Also, a broad range of businesses within the County are familiar with the textile industry, and will enhance Nylstar's presence," said Carlo Veronelli, Managing Director for Nylstar.
"Nylstar will create valuable job opportunities for many local residents that are highly-skilled in the textile industry," Secretary of Commerce and Trade Barry E. DuVal said. "The Commonwealth and its dedicated workforce are eager to assist this international firm in its future growth and success."
The Virginia Economic Development Partnership, the Patrick-Henry Development Council and Henry County assisted Nylstar with its decision. The company will receive a $450,000 grant from the Virginia Investment Partnership program. The company qualifies for rail access funding from the Virginia Department of Rail and Public Transportation. Nylstar will also take advantage of Enterprise Zone tax credits administered by the Virginia Department of Housing and Community Development. The Virginia Department of Business Assistance will provide workforce training services.
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