# Coats Group plc Disposal of North America Crafts

- Link: https://www.directorstalkinterviews.com/coats-group-plc-disposal-of-north-america-crafts/412765048
- Published: 2019-01-22T07:49:08+00:00
- Author: Charlotte Edwards

**Coats Group plc** (LON:COA), the world’s leading industrial thread manufacturer,
announced the sale of its non-core North America Crafts business to Spinrite Acquisition
Corp, a leading provider of craft products in North America.

Key points:

· Cash consideration payable at completion of $37m

· Sale proceeds will initially reduce Group net debt

· Further value accretive bolt-on acquisitions in the strategic focus areas of high
growth and high-tech Performance Materials and Software Solutions businesses continue
to be sought

· The sale of North America Crafts is subject to customary closing conditions and
is expected to complete during the following weeks

> **Rajiv Sharma, Group Chief Executive, Coats, said:** “The sale of our standalone
> North America Crafts business allows us to focus completely on our high performing
> business-to-business global Apparel and Footwear, and Performance Materials businesses.
> It also gives North America Crafts more opportunities to grow by being part of
> a large crafting group.”

The disposal of North America Crafts constitutes a Class 2 transaction for the purposes
of the UK Financial Conduct Authority’s Listing Rules. Further details in respect
of North America Crafts are set out at the end of this announcement.

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