Coats acquires Pharr HP
- 26 Nov 2019
26 November 2019: Coats, the world’s leading industrial thread company, has signed a binding agreement to acquire the business and assets of Pharr HP, a market leading manufacturer of high-performance engineered yarns based in McAdenville, North Carolina, US.
Pharr HP specialises in providing technical yarn solutions to the growing markets of Industrial Thermal Protection, Defence and Fire Service industries. The acquisition of Pharr HP’s manufacturing capabilities and customer base provides further expertise and scale to Coats’ existing Personal Protection business (part of the Performance Materials segment). Coats will enhance Pharr HP’s performance by leveraging its extensive textile experience, strong industry connections, existing operational footprint in North America, and strong brand to deliver high performance solutions for its customers.
Rajiv Sharma, Group Chief Executive, Coats, said: ‘Pharr HP expands our existing manufacturing capabilities and widens our innovation offering to drive further penetration into the Personal Protection market. With Pharr HP we are acquiring deep expertise in technical yarn solutions helping us to create ever lighter, stronger and more comfortable yarns for the most extreme environments, protecting many of those who protect us. We will draw upon our strong track record of successfully integrating and growing bolt-on acquisitions, including Gotex and Patrick Yarn Mill which form an integral part of our Performance Materials business.’
Bill Carstarphen, CEO and President, Pharr, said: ‘It was very important to find the right buyer for our business. Coats is a global leader with a long, proven track record. It understands Pharr HP along with its commitment to its associates and communities so is a good fit which provides an excellent home. There will be great potential to collaborate by building on synergies to develop innovative products.’
Founded in 1939, Pharr HP has around 350 employees. In its latest financial year, annual sales were c.$110m. The acquisition is subject to certain regulatory approvals and is expected to complete in early 2020.
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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 company. At home in some 50 countries, Coats has a workforce of 18,000 people across six continents. Revenues in 2018 were US$1.4bn.
Coats’ pioneering history and innovative culture ensure the company leads the way around the world. It provides complementary and value added products, services and software solutions to the apparel and footwear industries. It applies innovative techniques to develop high technology Performance Materials threads, yarns and fabrics in areas such as automotive, composites, fibre optics and Oil & Gas.
Headquartered in the UK, Coats is a FTSE 250 company, a constituent of the FTSE4Good UK Index and a participant in the UN Global Compact. It is also the Official Thread Supplier to the Royal Shakespeare Company.
- Each year Coats makes enough thread to go into 8 billion pairs of jeans – that is 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
- Coats’ flame retardant Performance Materials threads can withstand temperatures as high as 1,000 degrees Celsius
- Coats Epic Ecoverde is the world’s first 100% recycled premium sewing thread
To find out more about Coats visit www.coats.com
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About Pharr HP
Pharr HP is a diverse business with a unique product portfolio which services the military, fire-fighting, and industrial work wear industry which has recently benefited from growth in the domestic oil and gas industry.
For more information visit https://pharrusa.com/companies/pharrhp/
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