Acquisition of ThreadSol
20 December 2018
Coats Group plc
Acquisition of ThreadSol
Coats Group plc ('Coats' or the 'Company'), the world's leading industrial thread manufacturer, today announces the acquisition of ThreadSol for a cash consideration of up to $12 million.
ThreadSol's cloud-based digital applications provide an excellent fit with the existing Coats Global Services business. This complementary suite of software solutions for the apparel and footwear industries will enable brands, retailers and manufacturers to drive productivity gains, supply chain control and speed to market.
The initial cash outflow is circa. $5 million, with further payments of up to $7 million over the period to 2022.
Rajiv Sharma, Coats Group Chief Executive, said: 'ThreadSol is an exciting acquisition that supports a key aspect of our growth strategy: to build an innovative software solutions business for the apparel and footwear industries. We will be able to draw upon our demonstrable track record of successfully integrating bolt-on companies following the acquisitions of Patrick Yarn Mill, Gotex and Fast React Systems, all of which are performing well under our ownership.'
_________________________________________________________________________________
|
Enquiry details |
|
|
|
|
Investors |
Rob Mann |
Coats Group plc |
+44 (0)20 8210 5175 |
|
Media |
Richard Mountain / Nick Hasell |
FTI Consulting |
+44 (0)20 3727 1374 |
_________________________________________________________________________________
About Coats Group plc
Coats is the world's leading industrial thread manufacturer and a major player in the Americas textile crafts market. At home in some 50 countries, Coats employs 19,000 people across six continents. Revenues in 2017 were US$1.5bn. Coats' pioneering history and innovative culture ensure the company continues to lead the way around the world, providing complementary and value added products and services to the apparel and footwear industries; applying innovative techniques to develop high technology Performance Materials threads and yarns in areas such as automotive composites and fibre optics; and extending the crafts offer into new markets and online. Headquartered in the UK, Coats is a FTSE 250 listed company on the London Stock Exchange. To find out more about Coats visit www.coats.com.
About Threadsol
ThreadSol is a cloud-based digital application provider whose technology focuses on fabric usage optimisation in apparel manufacturing and helps customers reduce fabric waste and costs, and establish accurate product costing. It uses proprietary algorithms built on artificial neural networks to optimise the purchasing and consumption of fabric by real-time data analytics through IOT devices. This reduces waste and costs through cut-plan process and fabric roll utilisation which helps solve one of the most pressing and complex problems in the apparel supply chain.
Headquartered in Singapore, ThreadSol was founded in Delhi in 2013. It has development centres across India as well as representative offices in Bangladesh, China, Indonesia, Sri Lanka and Vietnam. ThreadSol has over 100 employees, services some 130 businesses in 13 countries and plans more than 1.5 billion garments every year through its platform. In 2018, its sales will be circa $2.3m.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Latest directors dealings
- 9 hours ago Savannah Energy
- 10 hours ago Buccaneer Energy PLC
- 11 hours ago Savannah Energy
- 11 hours ago Carclo
- 11 hours ago Schroder Japan Growth Fund