Coats Group plc (COA.L) said that it plans to fully exit from the Performance Materials division's US Yarns business based in Kings Mountain, North Carolina. This follows the strategic review of the Americas Yarns business which started in the fourth quarter 2024 and has already resulted in the closure of the Toluca, Mexico facility in December 2024.
The company announced that its strategic review has determined the Americas Yarns business is no longer aligned with the company's future direction. As a result, exiting this non-core operation is expected to positively enhance annualized Performance Materials and Group adjusted EBIT margins.
The exit process is expected to complete in the second quarter and is anticipated to generate a modest cash inflow, after closure costs, and will allow management to focus on driving forward and growing other parts of the Group's attractive portfolio, Coats Group said.
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