A&E To Acquire Gütermann
Mount Holly, N.C.-based sewing thread manufacturer American & Efird (A&E) has signed an agreement with Germany-based Gütermann Holding SE — a manufacturer of industrial and consumer threads used in automotive applications, apparel, shoes, home textiles, leather goods and other applications — to acquire certain assets and subsidiaries that make up Gütermann’s entire industrial and consumer thread business.
Financial details of the acquisition were not disclosed. The transaction, subject to shareholder approval and other customary closing conditions, is expected to close sometime during the summer.
Gütermann currently operates plants in Germany, Spain, Mexico and India, employing approximately 1,000 people at the four plants.
“Gütermann is a world-class company with a highly regarded brand name and exceptional reputation among consumers and world-class European brands,” said Fred Jackson, CEO, A&E. “We are very excited about the combination of A&E and Gütermann and believe it will accelerate our success and growth in the global marketplace.”
“The combination with A&E opens up new opportunities for Gütermann globally,” said Peter Zwicky, CEO, Gütermann. “Together, we can expand our strength in the industrial and consumer sewing thread markets, and better fulfill our customer’s global requirements.”
April 29, 2014