Industrial thread manufacturing group Coats has acquired specialist footwear materials developer Texon.

It said Texon, which supplies the global footwear market with high-performance heel counters, toe puffs, insoles and other materials, would be a complementary addition to its existing footwear business.

Chief executive of Coats, Rajiv Sharma, said: “We recognise and share Texon’s focus on sustainability and innovation and believe that this acquisition strengthens our ability to fulfil these ambitions.”

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