Following on from the announcement on the 26th November 2019 that Coats Group plc (LON:COA), the world’s leading industrial thread manufacturer, had signed a binding agreement to acquire the business and assets of Pharr High Performance Yarns, 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 Group will publish Full Year 2019 audited preliminary results on 5 March 2020.