Last checked at 11 Feb 2020 07:00
11 February 2020
Coats Group plc
Completion of acquisition of Pharr High Performance Yarns
Further to the announcement of 26 November 2019 that Coats Group plc ('Coats', the 'Group' or the 'Company'), the world's leading industrial thread manufacturer, had signed a binding agreement to acquire the business and assets of Pharr High Performance Yarns ('Pharr HP'), the Company confirms that, following receipt of the required regulatory approvals and other completion procedures, the transaction was completed on 10 February 2020.
Pharr HP is a market leading manufacturer of high-performance engineered yarns based in McAdenville, North Carolina, US. In its last financial year to 31 March 2019, Pharr HP's annual sales were c.$110m with adjusted EBITDA of c.$5m.
Pharr HP specialises in providing technical yarn solutions to the growing markets of Industrial Thermal Protection, Defence and Fire Service industries. The acquisition of Pharr HP's manufacturing capabilities and customer base provides further expertise and scale to Coats' existing Personal Protection business (part of the Performance Materials segment).
Coats will publish Full Year 2019 audited preliminary results on 5 March 2020.
Enquiry details
UK media Richard Mountain / Nick Hasell +44 (0) 20 3727 1374
Investors Rob Mann +44 (0) 20 8210 5175
About Coats Group plc
Coats is the world's leading industrial thread company. At home in some 50 countries, Coats has a workforce of 18,000 people across six continents. Revenues in 2018 were US$1.4bn. Coats' pioneering history and innovative culture ensure the company continues leading the way around the world. It provides complementary and value added products, services and software solutions to the apparel and footwear industries. It applies innovative techniques to develop high technology Performance Materials threads, yarns and fabrics in areas such as automotive composites, fibre optics and Oil and Gas. Headquartered in the UK, Coats is a FTSE 250 company a constituent of the FTSE4Good Index Series and a participant in the UN Global Compact. To find out more about Coats visit www.coats.com.
About Pharr HP
Pharr HP is a diverse business with a unique product portfolio which services the military, fire-fighting, and industrial work wear industry which has recently benefited from growth in the domestic oil and gas industry.