Group Plc headquartered in UK, an Industrial thread manufacturer and a major player in the Americas textile crafts market has acquired US based Patrick Yarn Mill, a manufacturer of high-performance engineered yarns based in North Carolina specializing in cut-resistant and flame retardant yarns.
Coats said that its new acquisitionâ€™s unique spinning competencies in engineered performance yarns offer an opportunity to expand its existing Performance Materials portfolio as well as to extend its innovation capability.
The takeover could also boost Patrickâ€™s existing potential with its new owner ready to support its â€œexpansion into high-growth markets by leveraging Coats' unrivalled geographic footprint, breadth of global customer relationships and strong corporate brand.
Patrick Yarn Mill also produces yarns from recycled fibres marketed under its earthspun trademarks and with its large solar installation promotes its earth friendly yarns as â€˜Spun by the Sunâ€™.
Rajiv Sharma, chief executive, Coats said that Patrick Yarn Mill is an exciting acquisition that supports a key aspect of our growth strategy: to identify innovation synergies that build scale in high technology sectors. It is a dynamic, customer focused company and its unique spinning systems combined with their existing technology portfolio will provide a strong market offering.
He also highlighted the yarns giantâ€™s strong track record of successfully integrating bolt-on companies following the acquisitions in 2016 of Gotex and Fast React, both of which â€œare performing well under Coats' ownership.â€
Gilbert Patrick, president, Patrick Yarn Mill said that Patrick Yarn Mill becoming part of the Coats family creates many opportunities for both companies as there is a lot of synergy between our product offerings and technology. A key one is being able to leverage Coatsâ€™ unrivalled global footprint and strong corporate brand to accelerate market growth, which will benefit not only Patrick Yarn Mill, but also their employees and their community.
The opportunity to collaborate with a market leader in areas such as innovation and R&D is extremely exciting and very positive, not only for Patrick Yarn Millâ€™s future but also for their customersâ€™ future.â€
The move reflects the increasing importance of both performance yarns and of the eco movement in modern clothing manufacture with Patrick Yarn Mill being a key player in both these areas.
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