Coats buys US industrial yarn maker for $37m

Industrial thread maker Coats Group said it was buying US-based Pharr High Performance Yarns for $37m (£28.7m).

Pharr makes engineered yarns for the industrial thermal protection, defence and fire service industries. In its latest financial year, Pharr reported annual sales of $110m and $5m in adjusted core earnings.

The acquisition will be funded from Coats' operating cash flows and existing debt facilities, the company said on Tuesday.