Coats Group plc, a leading industrial thread manufacturer, has acquired Texon, a global leader in premium structural components and materials for the footwear, accessories and apparel industries.

Texon provides high quality structural components to the global footwear market and has a long heritage as a proven supplier to the world’s leading brands. The business is focused on sustainable innovation and supplies high-performance, sustainable, materials, including heel counters, toe puffs and insoles to the highly attractive premium athleisure footwear market.

Texon, which has operations in Asia and Europe, is a complementary addition to Coats’ existing footwear business with attractive commercial opportunities from leveraging Coats’ existing footprint.

Rajiv Sharma, Coats Group chief executive, says: “The acquisition of Texon will strengthen our existing presence in the highly attractive athleisure footwear market. The business is complementary to Coats and provides attractive future commercial opportunities as we work together leveraging our combined expertise and knowledge to succeed with our customers. We recognize and share Texon’s focus on sustainability and innovation and believe that this acquisition strengthens our ability to fulfil these shared ambitions.”