22nd Jan 2019 09:19
LONDON (Alliance News) - Coats Group PLC on Tuesday said it sold its non-core North America Crafts business to Spinrite Acquisition Corp for USD37.0 million.
The FTSE 250 thread manufacturer will use the sale proceeds to reduce its net debt. The sale to the US yarn and other craft products company is subject to customary closing conditions and is expected to complete in he following weeks, Coats added.
Group Chief Executive Officer Rajiv Sharma 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."
Furthermore, Coats said that further "value accretive bolt-on acquisitions" in Performance Materials and Software Solutions businesses continue to be sought by the company.
Coats shares were trading up 2.7% at 84.60 pence each.
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