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Hyosung T&C will invest 60 billion won in Turkey to boost the size of its spandex production plant from an annual capacity of 15,000 metric tons to 40,000 tons by July next year.
The fiber production unit of Hyosung Group is in the Cerkezkoy area near Istanbul.
According to Hyosung Chairman Cho Hyun-joon, their investment in spandex was necessary to meet the demands of the global apparel market, which recently shown a full-fledged recovery, especially in Europe.
The global spandex demand grows by 6 to 7 percent per year, which is more than twice that of 2 to 3 percent by general apparel fibers.
With consumers spending more time at home due to the pandemic, global demand for home wear and athletic wear would rapidly grow, boosting the need for spandex, the company said.
The global fiber demand is currently worth 750 trillion won.
Hyosung T&C, which established a production base in Turkey in 2008, has been increasing its presence in Europe through two additional expansions.
