
Global industrial threads manufacturer Coats Group has appointed David Gosnell chairman-elect. He's currently an independent non-executive director of Coats and replaces Mike Clasper who is retiring.
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Global industrial threads manufacturer Coats Group has appointed David Gosnell chairman-elect. He's currently an independent non-executive director of Coats and replaces Mike Clasper who is retiring.
Understatedly positive is probably the best way to describe the latest trading update from global thread manufacturer Coats Group on Tuesday.
Threads giant Coats Group has said it's taking a major hit from the Covid-19 outbreak as this month has seen brands and manufacturers starting to cancel or defer orders due to large-scale store closures.
Coats Group’s results for 2019 on Thursday showed a company that’s facing global challenges with a muted revenue performance, although profits are rising and its investors seem happy as it shares rose in early trading.
Coats, the world’s leading thread company, is set to improve its manufacturing capabilities in the US with the acquisition of North Carolina-based Pharr High Performance Yarns.
Coats Group, the global threads and zips specialist, said Friday that its sales rose only modestly in the 10 months to October 31 with a 1% increase on a currency-neutral basis.
Global threads leader Coats Group issued a trading update on Thursday and said that sales in the first four months of the year rose 2% on both a currency-neutral/organic basis.
Coats has sold a major business in North America for $37m with the group to use the proceeds to pay off some of its debt as its acquisition spree continues.
Coats Group is continuing its acquisition spree with the world’s largest industrial threads manufacturer’s latest buy being ThreadSol for “a cash consideration of up to $12 million.”
Global threads giant Coats Group said Tuesday that it has become a strategic investor in Twine Solutions, an Israel-based technology start-up “that has developed a revolutionary digital thread dyeing system.”