Coats Group, the industrial thread maker that traces its roots back to the Clark and Coats textile mills in Paisley, remains on the acquisition trail following a rise in full-year operating profits, giving it the firepower to make further takeovers.
The company, which is now based in Uxbridge and listed on the FTSE250 index, made an operating profit of $198 million (£153 million) in the year to 31 December, 5% higher than during 2018. The firm said that its balance sheet is in a “strong position” to “fund further value-added mergers and acquisitions in key strategic focus areas”.
Chief executive Rajiv Sharma added: “Cash delivery was once again strong, which provides us with the funds to invest selectively in the most attractive organic and inorganic opportunities. We are well placed to take advantage of the fast-paced and rapidly changing modern world, by capturing the many opportunities this presents to Coats as a truly global business.”
Coats has already made strides in its acquisition strategy, having announced its takeover of North Carolina-based Pharr High Performance Yarns for $37 million (£29 million) in November. The deal received regulatory clearance in February and has now been completed.
