Thread manufacturer Coats acquires Texon

Industrial thread manufacturer Coats has announced it has acquired Texon for an undisclosed sum.

The company, which produces structural components to the global footwear market, has a long heritage, Coats said in a release, and is a proven supplier to leading brands.

Centred around sustainable innovation, the manufacturing firm supplies the likes of heel counters, toe puffs and insoles to the athleisure footwear sector.

Coats added that the company, which has its operations in Asia and Europe, will be a complementary addition to its existing footwear business and will leverage its current footprint.

“The acquisition of Texon will strengthen our existing presence in the highly attractive athleisure footwear market,” said Rajiv Sharma, group chief executive.

Sharma continued: “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.”