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Coats Group PLC on Thursday said it has completed its acquisition of Texon International Group Ltd, strengthening its presence in the athleisure footwear market.
Texon is a supplier of structural components, including heel counters, toe puffs and insoles, to the footwear market. It has operations in both Asia and Europe.
At the start of July, the Uxbridge, England-based thread manufacturer said that it had agreed to buy Texan for an enterprise value of $237 million, and a total net cash consideration of $211 million after deducting assumed retirement liabilities and other customary adjustments.
Coats expects the acquisition to be earnings enhancing in the first year and to generate annual synergies of around $5 million by the end of the second full year of ownership.
Shares in Coats were up 0.5% to 66.90 pence each in London on Thursday morning.
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