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Uxbridge, England-based Coats Group PLC on Friday said it has sealed the sale of its business in Brazil and Argentina to Reelpar SA.
Reelpar is a local entity backed by a Sao Paulo, Brazil-based private equity firm.
Under the terms of the agreement, thread manufacturer Coats committed $10 million to Reelpar to support a restructuring of the Brazil and Argentina business.
In May, Coats said it expects to see a 50 basis point annualised lift to adjusted operating margins as a result of the deal.
Shares in Coats were down 0.3% to 69.80 pence each in London on Friday morning.
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