Fri, 20 Feb 2015 | BUSINESS SALE
The UK operation of a historic craft products supplier has been purchased by a European investor.
Coats Crafts has its UK headquarters in Holmfirth, West Yorkshire. European investor Aurelius Group has agreed a deal for the EMEA Crafts business of the wider Coats plc, which includes their German headquarters and a production site in Hungary, as well as the UK site.
Coats Crafts has been supplying crafting products for 250 years, and is the world's largest supplier of such items. The Coats plc business is owned by Guinness Peat.
Group chief executive of Coats plc Paul Forman said: “The agreement to sell EMEA Crafts follows a comprehensive review of the business, including its strategic fit within Coats.
“The decision to sell EMEA Crafts better positions Coats for future profitable growth and allows us to focus management attention on our high performing global Industrial and strong Americas Crafts businesses.”
The sale is expected to be completed in the second quarter of the year, subject to a number of conditions. Once completed, the new owners will gain ownership of Coats EMEA Crafts brands including Schachenmayr, Rowan Yarns, Patons, Corona, Regia, Milward, Puppets, Self Casa, Tre Cerchi and Royal Paris.
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