Coats Group to sell European Zips business for $1m

4th Jul 2023 07:39

(Sharecast News) - Industrial thread maker Coats Group said on Tuesday that it has agreed to sell its European Zips business to Aequita, a German family office, for $1m.

Coats said an exit from European zips is in line with its strategic initiatives, announced in March 2022, "to optimise the company's portfolio and footprint, and improve the overall cost base efficiency".

In the year to the end of December 2022, the European zips business generated revenues of around $50m at operating margins well below the group average.

The deal is expected to complete in the third quarter of this year.