Coats to take loss on 'difficult' sale of EMEA Crafts unit

Tue, 28 Jul 2015

By Jonathan Underhill July 29 (BusinessDesk) - Coats Group, the company that grew out of diversified investor Guinness Peat Group, says the sale of its EMEA Crafts business to Aurelius Group will be completed on Friday although the loss on sale won't be announced until its first-half results, due on Aug. 3. The UK-based threadmaker first announced the sale of its Europe, Middle East, and Asia crafts unit for US$10 million on Feb. 19. Today it described the sale as "a complex, multi-jurisdictional transaction" which had been completed "aga...

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