Coats Group plc (LON:COA), the world’s leading industrial thread manufacturer, today announced 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.’