Coats to enter FTSE 250 from June 19
Coats Group, the UK-based threadmaker that grew out of diversified investor Guinness Peat Group, will enter the FTSE 250 as of June 19, it said in a statement.
The latest quarterly review by FTSE Russell, the global index provider, confirms that Coats has met the requisite criteria and the move also comes after Coats' market capitalisation reached more than 1 billion British pounds last week, it said.
The London-based company said it has undergone "significant corporate change" in recent years to reach the strategic objective of entering the FTSE 250.
Among other things, it de-listed from the ASX and NZX in June 2016, which helped concentrate trading volumes on the UK market and supported is repositioning as a UK, headquartered, global industrial manufacturing business, it said.
Other steps included the appointment of Rajiv Sharma as group chief executive and Simon Boddie as chief financial officer as well as the completion of three acquisitions. In May 2015 it bought GSD, a UK-based supplier of management solutions, in June 2016 it bought Fast React Systems, which provides software solutions to improve operational efficiency of manufacturers, sourcing companies and retailers in the apparel and footwear sector.
Also in June 2016, it bought Gotex, a Spanish-based company which designs and manufacturers high performance fibres, yarns and tapes used in the telecommuncations, energy and oil and gas sectors. All three have proved highly successful, it said.
The move into the FTSE 250 is "excellent news for our employees, shareholders and customers and is the culmination of an intense period of corporate transformation," said Sharma.