• ShopCoats

In July 2022, Coats signed a definitive agreement to acquire 100% of Texon, a leading footwear solutions provider.

Texon, a company with operations in Asia and Europe, supplies high quality structural components to the global footwear market. The business is one of the market leaders in innovation and supplies high-performance sustainable materials, including heel counters, toe puffs and insoles to the highly attractive premium athleisure footwear market. Texon is a complementary addition to Coats' existing footwear business with attractive commercial opportunities by leveraging Coats' existing footprint. Texon has a long heritage as a leading supplier to the world's leading brands and is anticipated to deliver attractive high single digit growth in a fragmented market.

Texon is focused on sustainability, targeting zero-waste by 2025 with its broad suite of sustainable product offerings supporting customers to fulfil their own ambitions in sustainability, which will enable Texon to further strengthen its existing presence amongst leading global footwear brands.

Rajiv Sharma, Coats Group Chief Executive, said:

"The acquisition of Texon will strengthen our existing presence in the highly attractive athleisure footwear market. The business is complementary to Coats and provides attractive future commercial opportunities as we work together leveraging our combined expertise and knowledge to succeed with our customers. We recognise and share Texon's focus on sustainability and innovation and believe that this acquisition strengthens our ability to fulfil these shared ambitions."

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