UXBRIDGE, England — November 26, 2019 — Coats has signed a binding agreement to acquire the business and assets of Pharr HP, a manufacturer of high-performance engineered yarns based in McAdenville, N.C.
Pharr HP specializes in providing technical yarn solutions to the growing markets of Industrial Thermal Protection, Defense and Fire Service industries. The acquisition of Pharr HP’s manufacturing capabilities and customer base provides further expertise and scale to Coats’ existing Personal Protection business — part of the Performance Materials segment. Coats will enhance Pharr HP’s performance by leveraging its extensive textile experience, strong industry connections, existing operational footprint in North America, and strong brand to deliver high performance solutions for its customers.
Rajiv Sharma, Coats’ group chief executive, said: “Pharr HP expands our existing manufacturing capabilities and widens our innovation offering to drive further penetration into the Personal Protection market. With Pharr HP we are acquiring deep expertise in technical yarn solutions helping us to create ever lighter, stronger and more comfortable yarns for the most extreme environments, protecting many of those who protect us. We will draw upon our strong track record of successfully integrating and growing bolt-on acquisitions, including Gotex and Patrick Yarn Mill which form an integral part of our Performance Materials business.”
Bill Carstarphen, CEO and president, Pharr, said: “It was very important to find the right buyer for our business. Coats is a global leader with a long, proven track record. It understands Pharr HP along with its commitment to its associates and communities so is a good fit which provides an excellent home. There will be great potential to collaborate by building on synergies to develop innovative products.”
Founded in 1939, Pharr HP has around 350 employees. In its latest financial year, annual sales were approximately $110 million. The acquisition is subject to certain regulatory approvals and is expected to complete in early 2020.
Posted November 26, 2019
Source: Coats
