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Coats opens day's trading on London Stock Exchange
24
Jun '15
Industrial thread and consumer textile crafts marketer Coats Group plc opened the day’s trading on the main market of the London Stock Exchange on June 23, 2015.

“The London Stock Exchange market open ceremony celebrates Coats’ return to the market in the 125th anniversary year of its initial listing on the London Stock Exchange,” a Coats press release informed.

The ceremony was attended by Coats Group chairman, Mike Clasper; CEO Paul Forman and other members of the board, management, employees and advisers.

Mike Clasper said, “Coats is a world class manufacturing business with a rich heritage that dates back to the 1750s.”

“The business has successfully reinvented itself over the last decade in order to meet the changing needs of our customers and consumer demand,” he added.

He further added, “Returning to the market under our own name during the 125th anniversary year of our initial listing on the London Stock Exchange is worthy of celebration.”

After first listing in 1890, and also being a founding member of the FT30 index created in 1935, Coats was taken private in 2003.

In February 2015, GPG Group plc, Coat’s owner, released its preliminary financial results for 2014 which included the announcement that Coats was being established as the standalone, listed entity.

Coats markets industrial thread and consumer textile crafts in more than 70 countries, employing over 20,000 people across six continents and reported revenues of $1.7 billion in 2014.

According to Coats, one in five garments on the planet is held together using Coats’ thread, while more than 100 million car airbags are made using Coats’ thread every year.

Coats produces enough yarn to knit 70 million scarves a year and every three hours makes enough thread to go to the moon and back and is also the second largest global zip manufacturer. (AR)

Fibre2fashion News Desk - India

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