Coats invests $5 million in Israeli thread-dyeing start-up
04/12/2018
Coats is investing $5m for a 9.5% share in the company and a seat on the board.
Twine has created a standalone digital thread-dyeing system that applies the features of small-scale digital printing to the traditional dyeing process. The plug-and-play machine, which it says is a world first, dyes thread using digital printing technology and can produce any length and colour. The technology is based on waterless dyeing and will feature inbuilt colour software integrated with Coats ColourStitch, the group’s proprietary colour management system.
At the time of the announcement, group chief executive, Rajiv Sharma, said: “We are investing in future technology that will improve our industry and its sustainability by directly addressing the key needs of our customers: speed, innovation and sustainability. This disruptive technology has the potential to revolutionise the thread industry and Coats will work closely with Twine to commercialise this opportunity.”
Coats and Twine will now work together on an exclusive commercial partnership to market the technology, which will be launched mid-2019.
Twine chief executive, Alon Moshe, said: “We are bringing high tech to a low-tech industry by providing a unique solution to the most basic problem for one of the largest and oldest industries. To have the world’s leading industrial thread manufacturer as a backer brings immeasurable strength and opportunity to our offer.”
Twine Solutions was founded in 2015 in Israel by brothers Alon and Erez Moshe, who have significant digital printing expertise. It currently has 40 full-time employees and is based in Petah Tikva, outside Tel Aviv. A seat on the Twine board will be taken by Michael Schofer, chief supply chain officer of Coats.
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