Industrial thread and craft company Coats Group has announced the acquisition of Gotex and Fast React Systems.
Coats, which exports to over 100 countries and is listed in Australia, England and New Zealand, and specialises in Apparel, Footwear and accessories,Technical threads, and Engineered yarns, said both business had grown strongly in recent years.
Gotex makes high-tech industrial yarns and tapes for the telecommunication and energy sectors. Initial consideration is $US 28 million, plus $US 4 million worth of performance payments after two years.
Fast React makes productivity improvement software for the TCF sector, and joins Coats’s Global Services business. Initial consideration is $US 9 million with performance bonuses up to $US 4 million based on three-year targets.
“Following last year’s acquisition of GSD, Fast React is a further important step in enhancing our Global Services offering and addressing the growth in demand from our customers for value-added services in operational efficiency,” said Coats CEO Paul Forman.