Coats

Coats Board change

Coats, the world’s leading industrial thread and consumer textile crafts business, announces that Executive Director and Chief Financial Officer, Richard Howes, has informed the Board of his decision to leave the Company in order to take up the role of Chief Financial Officer at Inchcape plc.

Richard, who joined as Chief Financial Officer in 2012 and was appointed a Director in March 2015 when the company was renamed as Coats Group plc, will remain Chief Financial Officer and a Director of Coats until 6 April 2016.  Coats has initiated a search to appoint a replacement.

Paul Forman, Group Chief Executive, Coats said: ‘The Board and Management team are extremely grateful for the contribution Richard has made to Coats over the past four years.  He has greatly supported the business in delivering profitable sales growth and put the Company in a sound financial position.  We wish Richard every success in the future.’

Coats announces its preliminary full year results on 25 February 2016.

ENDS

For more information contact:

UK
Richard Mountain, FTI
T: +44 (0)203 727 1374

New Zealand and Australia
Geoff Senescall, Senescall Akers
T: +64 9 309 5659

Notes to Editors

About Coats

With a rich heritage dating back to the 1750s, Coats is the world's leading industrial thread and consumer textile crafts business, at home in more than 70 countries, employing over 20,000 people across six continents. Revenues in 2014 were US$1.7bn.

Our well-known brands and strong relationships with customers and consumers mean our products and services meet current and future needs. Our company-wide understanding of our business partners and consumers, coupled with the deep expertise of our people, builds trust and certainty.

Coats’ pioneering history and innovative culture ensure the company continues 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 new areas such as tracer threads, aramids and fibre optics.

  • One in five garments on the planet is held together using Coats’ thread
  • More than 100 million car airbags are made using Coats’ thread every year
  • Coats produces enough yarn to knit 70 million scarves a year
  • Every three hours Coats makes enough thread to go to the moon and back
  • More than 450 million pairs of shoes are made every year using Coats’ thread
  • In 1879 Thomas Edison used Coats’ thread in his experiments to invent the light bulb
  • Every week over one billion teabags are brewed using Coats’ thread
  • Coats produces enough thread to reach around the Equator every ten minutes
  • Thousands of surgical operations take place every day using Coats’ thread
  • Coats is the second largest and fastest growing global zip manufacturer
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