Strategic exit from Mauritius and Madagascar
- 25 Jan 2023
Coats has signed an agreement to sell its business operations in Mauritius and Madagascar to Hardy Henry Textiles Ltée, a key player in the Mauritian textile industry. The sale is expected to complete on 31 January 2023.
An exit from the Mauritius and Madagascar is in line with Coats’ strategic initiatives, announced in March, to accelerate profitable sales growth and transform the company.
The shift in the global sourcing landscape in recent years has affected Coats’ previous customer base in Mauritius and Madagascar. A new customer profile of primarily domestic and regionally based players has evolved, providing better opportunities for a leading locally based operator, which is closer to the market, to run the business.
ENDS
For more information contact:
Coats Press Office
communications@coats.com
Notes to Editors
About Coats
Coats is a world leader in thread manufacturing and structural components for apparel and footwear, as well as an innovative pioneer in performance materials. These critical solutions are used to create a wide range of products, including ones that provide safety and protection for people, data and the environment. Headquartered in the UK, Coats is a FTSE250 company and a FTSE4Good Index constituent. Revenues in 2021 were $1.8bn.
Trusted by the world's leading companies to deliver crucial, innovative, and sustainable solutions, Coats provides value-adding products including apparel, accessory and footwear threads, structural footwear components, fabrics, yarns and software applications. Customer partners include companies from the apparel, footwear, automotive, telecoms, personal protection, and outdoor goods industries.
With a proud heritage dating back more than 250 years and spirit of evolution to constantly stay ahead of changing market needs, Coats has operations across some 50 countries with a workforce of over 17,000, serving its customers worldwide.
Coats connects talent, textiles, and technology, to make a better and more sustainable world. Worldwide, there are three dedicated Coats Innovation Hubs, where experts collaborate with partners to create the materials and products of tomorrow. It participates in the UN Global Compact and is committed to Science Based sustainability targets for 2030 and beyond, with a goal of achieving net-zero by 2050. Coats is also committed to achieving its goals in Diversity, Equity & Inclusion, workplace health & safety, employee & community wellbeing, and supplier social performance.