Coats buys US yarn maker for up to $25m
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Global thread maker Coats said it had bought US specialiast yarn manufacturer Patrick Yarn Mill for $21m with a further $4m on the table subject to performance targets over three years to 2020.
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It added that the purchase would be funded from operating cash flows and existing debt facilities.
North Carolina-based Patrick Yarn Mill makes high-performance engineered yarns, specialising in cut-resistant and flame retardant yarns.
Patrick Yarn's 2016 annual sales were $36.5m. Coats said the acquisition offered an opportunity to expand its existing performance materials portfolio as well as to extend its innovation capability.