Coats wins ICAEW Corporate Development Award
- 16 Nov 2018
Coats, the world’s leading industrial thread manufacturer, has been recognised for its outstanding achievements in increasing growth and shareholder value by the Institute of Chartered Accountants in England and Wales (ICAEW). Coats was presented with the Corporate Development Award at the ICAEW Corporate Finance Faculty’s Annual Reception, held last night at Goldsmiths’ Hall in London.
The Corporate Development Award recognises London-listed companies whose innovative strategy have made the most effective use of M&A to grow their business, and increase shareholder value. ICAEW’s Corporate Finance Faculty, in collaboration with the M&A Research Centre at Cass Business School, devised a unique ‘best-in-class’ methodology to analyse the contribution of substantial acquisitions to the acquiring companies’ total returns and their overall corporate performance.
Simon Boddie, Chief Financial Officer, Coats, said: ‘A key part of our strategy for development and growth is to make acquisitions of companies with unique capabilities that can leverage off the existing Coats network. The businesses we have acquired are all performing well under our ownership and to have our success recognised externally with the ICAEW’s Corporate Development Award is very rewarding. We have a small in-house team which, together with support from our professional advisors, has been able to develop a previously underused corporate muscle and this award demonstrates we are stretching it well.’
Coats acquired Patrick Yarn Mill, a manufacturer of high-performance engineered yarns based in North Carolina, US, in December 2017. In June 2016 it acquired Gotex, a Spanish based company which designs and manufactures high performance fibres, yarns and tapes used in the telecommunications energy and oil and gas sectors. Also in June 2016, it acquired Fast React Systems, a global provider of software solutions to improve the operational efficiency of manufacturers, sourcing companies and retailers in the apparel and footwear industry. Coats entered the FTSE4Good UK Index in July 2018 and in June 2017 it re-entered the FTSE 250, having been a founding member of the FT 20 Index in 1935.
David Petrie, ICAEW Head of Corporate Finance, said: ‘It is essential that businesses continue to strive towards growth and advancement despite times of uncertainty. This year’s winner of the Corporate Development Award has done exactly that; Coats has engaged in numerous major deals and its innovative M&A strategy resulted in impressive growth numbers and increase in shareholder value.’
The Corporate Finance Faculty is ICAEW’s centre of professional excellence in corporate finance contributing to policy development and consultations by international organisations, governments, regulators and other professional bodies.
ENDS
For more information contact:
Kristina Blissett, Head of Group Communications
kristina.blissett@coats.com
T +44 (0)208 210 5084, M +44 (0)7714 539887
Notes to Editors
About Coats
Coats is the world’s leading industrial thread manufacturer and a major player in the Americas textile crafts market. At home in some 50 countries, Coats employs 19,000 people across six continents. Revenues in 2017 were US$1.5bn.
Coats’ pioneering history and innovative culture ensure the company leads the way around the world: providing complementary and value added products and services to the apparel and footwear industries; applying innovative techniques to develop high technology Performance Materials threads and yarns in areas such as automotive, composites and fibre optics; and extending the crafts offer into new markets and online.
Headquartered in the UK, Coats is a FTSE 250 listed company on the London Stock Exchange. It is the Official Thread Supplier to the Royal Shakespeare Company.
- Each year we make enough thread to go into 8 billion pairs of jeans - that’s one for every person on the planet
- Every month Coats produces enough thread to stretch all the way to the sun
- More than 450 million pairs of shoes are made every year using Coats’ thread
- More than 100 million car airbags are made using Coats’ Performance Materials thread every year
- In 1879 Thomas Edison used Coats’ thread in his experiments to invent the light bulb
- Our Red Heart knitting and crochet yarn brand has been named ‘America’s Most Recommended’ by the Women’s Choice Award for three years running
- Our flame retardant Performance Materials threads can withstand temperatures as high as 1,000 degrees Celsius
To find out more about Coats visit www.coats.com
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About ICAEW
ICAEW connects over 147,000 chartered accountants worldwide, providing this community of professionals with the power to build and sustain strong economies.
Training, developing and supporting accountants throughout their career, we ensure that they have the expertise and values to meet the needs of tomorrow’s businesses.
Our profession is right at the heart of the decisions that will define the future, and we contribute by sharing our knowledge, insight and capabilities with others. That way, we can be sure that we are building robust, accountable and fair economies across the globe.
ICAEW is a member of Chartered Accountants Worldwide (CAW), which brings together 11 chartered accountancy bodies, representing over 1.6m members and students globally.
To find out more about ICAEW go to www.icaew.com