GPG plc's transition to Coats plc
- 25 Oct 2012
This statement is in relation to Guinness Peat Group (GPG) plc’s stock exchange announcement ‘GPG announces update on value realisation programme and proposed structure’, released 25 October 2012 NZDT.
Coats is the world's leading industrial thread and textile crafts business, at home in more than 70 countries, employing 20,000 people across six continents. One in five garments on the planet is held together with Coats' thread and it is the largest player in the textile crafts market. Revenues in 2011 were US$1.7bn.
There has been a period of substantial investment by GPG over a number of years in developing Coats’ world class manufacturing footprint and, more recently, under CEO Paul Forman and his executive management team, a focus on new product development, digital technology and enabling assets.
Coats' CEO, Paul Forman said:
'While today’s announcement is welcome in setting out a timeline for when Coats’ will return to being a stand-alone entity, the management team and employees remain focused on providing outstanding customer service and accelerating profitable growth. Our robust business model is based on our unrivalled global footprint, a strong presence in our chosen markets, deep customer relationships and breadth of products and services.
'Our pioneering history and culture underpin our growth strategy and we continue leading the way around the world: providing complementary and value added products and services to the apparel and footwear industries; extending the crafts offer into new markets and online; and applying innovative techniques to develop products in specialty areas such as tracer threads and aramids.'
ENDS
For more information please contact for Coats:
Charles Ryland, +44 (0) 20 7466 5000 or +44 (0) 7768 230 457
charlesr@buchanan.uk.com
Anna Mitchell, +44 (0) 20 8210 5015 or +44 (0) 7740 747 976
anna.mitchell@coats.com
For GPG:
In Australia/ NZ – Geoff Senescall, +64 (0) 9 309 5659
geoff@senescallakers.co.nz,
In the UK – Kevin Smith, +64 (0) 9 309 5659
kevin.smith@citigatedr.co.uk,
About Coats
Established in 1755, Coats is the world’s leading industrial thread and textile crafts business.
- One in five garments on the planet are held together using Coats’ thread
- 75 million car airbags are made using Coats’ thread every year
- Coats produces enough yarn to knit 65 million scarves a year
- In 3½ hours, Coats makes enough thread to go the moon and back
- 300 million pairs of shoes are made every year using Coats’ thread
- 1 million teabags using Coats’ thread are brewed every 10 minutes
- Thousands of operations take place every day using Coats’ thread
- Thomas Edison used Coats’ thread in 1879 to invent the light bulb
To find out more about Coats visit www.coats.com
To find out more about GPG visit www.gpgplc.com