4th Dec 2018 09:31
LONDON (Alliance News) - Coats Group PLC said on Tuesday it is investing USD5 million for a 9.5% share in Israeli-based technology start-up Twine Solutions.
The UK-listed industrial thread manufacturer also will gain a seat on the board of Twine.
Twine has developed a proprietary digital thread dyeing system, allowing thread to be produced on demand at any colour and length, Coats noted.
"We are investing in future technology which will improve our industry and its sustainability by directly addressing the key needs of our customers: speed, innovation and sustainability. The disruptive technology has the potential to revolutionise the thread industry and Coats will work closely with Twine to commercialise this opportunity," said Coats Chief Executive Rajiv Sharma.
Shares in Coats Group were down 0.1% at 80.80 pence on Tuesday.
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