The maker of high-end fabrics and structural components for the garment, accessories, and footwear sectors, Texon, with headquarters in Cleveland, UK, has been bought by Coats Group plc.
With operations in Asia and Europe, Texon has a long history of providing components to the top footwear manufacturers in the world, such as heel counters, toe puffs, and nonwoven insoles.
The largest producer of industrial thread in the world, Coats, will generate $1.5 billion in revenue in 2021 with a workforce of 17,000 people spread over six continents. It is a FTSE 250 corporation with its main offices in Uxbridge, UK.
“The acquisition of Texon will strengthen our existing presence in the highly attractive athleisure footwear market,” said Rajiv Sharma, chief executive of Coats Group. “The company complements Coats and offers exciting potential for future commercial prospects aswe work together leveraging our combined expertise and knowledge. We recognise and share Texon’s focus on sustainability and innovation and believe that this acquisition strengthens our ability to fulfil these shared ambitions.”