Coats buys Texon International for $237m

Industrial thread maker Coats said it had bought footwear parts manufacturer Texon International Group for an enterprise value of $237m.

Texon, a company with operations in Asia and Europe, supplies structural components to the global footwear market, Coats said on Wednesday, adding that it would provide “attractive commercial opportunities”.

Under the terms of the transaction, Coats has agreed to pay $211m in cash after deducting assumed retirement liabilities and other customary adjustments. The acquisition is expected to be earnings accretive and complete this month.