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Coats to shut down US yarns factory after strategic review
(Sharecast News) - Coats Group said it is planning to close its North Carolina yarns facility based after a strategic review. The factory is part of the industrial thread and footwear components maker's performance materials division. Coats in December shut down a similar facility in Mexico.
"The strategic review has concluded that the Americas Yarns business does not fit with Coats' future strategy and the exit from this non-core operation will result in a positive annualised impact to both the PM and group adjusted EBIT margins," Coats said on Thursday.
It added that the exit process is expected to complete in the second quarter and is anticipated to generate a "modest" cash inflow, after closure costs.
Reporting by Frank Prenesti for Sharecast.com
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