The industrial thread and the manufacturer of global footwear components Coats Group have completed a capital increase by a sum of around £ 246 million that will be used for an important acquisition that has just announced.
Coats has just bought us the US fold manufacturer. Ortholite Holdings for $ 770 million (£ 575 million), “with the aim of accelerating its growth strategy in the footwear industry.” The transaction is expected to be subject to usual regulatory authorizations, closing in the fourth quarter.
He said that the acquisition is expected to improve the position of the layers market by integrating the Ortholite Premium fold technology and take advantage of synergies to improve financial performance, with significant savings of growth costs and opportunities planned for 2028.
Ortholite, founded in 1997, has about 36% market share in open cell foam templates, supplying more than 500 million pairs annually to around 550 customers of the brand. The company operates 14 production facilities worldwide and has more than 310 shared brand agreements.
In a positive profit launch in March, Coats spoke of “Except medium -term objectives” and … “investments to promote long -term growth initiatives.”
Return to financing, which the layers said they had strong support from the shareholders, some BNP Paribas and Peel Hunt have placed 314.8 million new ordinary shares at a price of 77p for placing shares with institutional investors.
In addition, retail investors have signed for a total of 3.85 million new ordinary shares at the placement price. Certain directors and company management also participated in the location for a total of 902,595 new ordinary shares at the placement price.
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