Coats Group intends to appoint Ernst & Young LLP as auditor

Coats Group

Coats Group plc (LON:COA), the world’s leading industrial thread and global footwear component manufacturer, has announced that following a competitive tender process, it intends to appoint Ernst & Young LLP as auditor for the financial year commencing 1 January 2023. The appointment is subject to shareholder approval at the 2023 Annual General Meeting.

Deloitte LLP, the Company’s current auditor, will undertake the audit of the Group and Company for the financial year ending 31 December 2022 completing its permitted tenure. Coats would like to thank Deloitte for its significant contribution during its time as auditor.

With over 250 years of heritage, Coats Group is the world’s leading industrial thread and global footwear component company. At home in some 50 countries, Coats has a workforce of over 17,000 people across six continents. Revenues in 2021 were US$1.5bn. Coats provides complementary and value-adding products, services and software solutions to the apparel and footwear industries. It also applies innovative techniques to develop high technology performance materials threads, yarns, fabrics and composites in areas like personal protection, telecoms, energy, transportation, and household and recreation. Headquartered in the UK, Coats is a constituent of the FTSE 250 and FTSE4Good Index Series. It is a participant in the UN Global Compact, a member of the Ellen MacArthur Foundation, has approved short term Science Based Targets to 2030 and is committed to developing a long-term target to reach net-zero emissions by 2050, the highest level of ambition on climate change under the Science Based Target initiative. The pioneering history and innovative culture of Coats enable the delivery of its purpose to connect talent, textiles and technology to make a better and more sustainable world.

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