Coats, the world’s leading industrial thread manufacturer, announces it has acquired Patrick Yarn Mill, a manufacturer of high-performance engineered yarns based in North Carolina, US. Patrick Yarn Mill specialises in cut-resistant and flame retardant yarns. It also produces yarns from recycled fibres marketed under its earthspun® trademarks and with its large solar installation promotes its earth friendly yarns as ‘Spun by the Sun’.
Founded in 1963, Patrick Yarn Mill has 150 employees. In 2016, its annual sales were USD 36.5 million. Patrick Yarn Mill’s unique spinning competencies in engineered performance yarns offer an opportunity to expand Coats’ existing Performance Materials portfolio as well as to extend its innovation capability. Coats will support Patrick Yarn Mill’s expansion into high-growth markets by leveraging Coats’ unrivalled geographic footprint, breadth of global customer relationships and strong corporate brand.
Rajiv Sharma, Group Chief Executive, Coats, said: ‘Patrick Yarn Mill is an exciting acquisition that supports a key aspect of our growth strategy: to identify innovation synergies that build scale in high technology sectors. It is a dynamic, customer focused company and its unique spinning systems combined with our existing technology portfolio will provide a strong market offering. We will be able to draw upon our demonstrable track record of successfully integrating bolt-on companies following our acquisitions in 2016, particularly that of Gotex, another company in this space which is performing well under our ownership.’
Gilbert Patrick, President, Patrick Yarn Mill, said: ‘Patrick Yarn Mill becoming part of the Coats family creates many opportunities for both companies as there is a lot of synergy between our product offerings and technology. A key one is being able to leverage Coats’ unrivalled global footprint and strong corporate brand to accelerate market growth, which will benefit not only Patrick Yarn Mill, but also our employees and our community. The opportunity to collaborate with a market leader in areas such as innovation and R&D is extremely exciting and very positive, not only for Patrick Yarn Mill’s future but also for our customers’ future.’
The acquisition of Patrick Yarn Mill follows two highly successful acquisitions of 2016. Gotex, a Spanish company which designs and manufactures high-tech industrial yarns and tapes used in the telecommunications, energy and oil and gas sectors became part of Performance Materials. FRS, a UK based company which provides software solutions and expertise to improve operational efficiency and speed to market in apparel and footwear, became part of Coats Global Services.
This acquisition shows Coats’ intent to grow via M&A in Performance Materials and Services, two areas of strategic priority.
Coats is the world’s leading industrial thread manufacturer and a major player in the Americas textile crafts market. At home in some 60 countries, Coats employs 19000 people across six continents. Revenues in 2016 were USD 1.5 billion.
Patrick Yarns, a world-leading manufacturer of high performance industrial yarns, Patrick Yarns is ready to meet the challenges of today’s most demanding applications. We combine over 50 years of experience with cutting-edge technology to achieve breakthrough solutions and create powerful results for our clients.
Patrick Yarns has built a successful reputation of spinning quality yarns from recycled and Earth-friendly fibres. With the guidance of our experienced team, our customers can select from the specific sustainable fibre and spinning system that best suits their desired performance, appearance and economies for their market.
Recycled fibres include:
- Reclaimed natural and dyed garment clips
- Recycled clear and coloured PET chips from original use. Trademarks include:
- Beer Bottle Brown® — Brown fibre from plastic beer bottles
- Soda Pop Green® — Green fibre from soda pop bottles
- Water Bottle Blue® — Blue fibre from water bottles
- X-ray Gray® — Gray fibre from X-ray film
- Food Tray Black® — Black fibre from food trays
- Natural-Clear Bottle White® — Natural fibre from clear water bottles
- Ketchup Bottle Red® — Red from ketchup bottles
- Mustard Bottle Yellow® — Yellow from mustard bottles
And a variety of other colours upon request
- Wool Natural and Colours (when available)
- Silk Noils and Fibre
- Recycled Bast Fibres
- Recycled Hemp/ Jute (fibres from coffee and coca bags)
- Performance Fibres
Sustainable Fibers include:
- Bast Fibers
- Flax/ Jute/ Hemp/ Knaf/ Ramie
- Sustainable Fibers
- Rayon made from Bamboo
- PLA-made from Corn Starch
- Soybean Fiber
- Organic Cotton carded/ combed or in blend