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.”
The thread manufacturer saw revenues fall 2% in the four months to 31 October as a result of currency depreciation in Turkey, China and India, but it still hopes to deliver full-year results in line with expectations.
In a rare takeover of a US firm by a UK-based one, yarns giant Coats Group on Monday said it has bought Patrick Yarn Mill for an initial price of $21m with the buy boosting its presence in performance and eco yarns.
Coats Group, the leading manufacturer of sewing thread and supplies, shrugged off ongoing pricing pressures and a continued mix demand from clothing retailers as it announced a 2% increase in sales on Thursday.
Coats Group plc, leading industrial thread and consumer textile crafts business, recorded a 5 per cent YoY increase in sales, driven by stronger than anticipated performance in the industrial division.