GPG's Coats sells EMEA crafts unit for US$10 mln

Thu, 19 Feb 2015

By Paul McBeth Feb. 20 (BusinessDesk) - Guinness Peat Group's Coats unit, the UK threadmaker, has agreed to sell its Europe, Middle East, and Asia crafts unit for US$10 million, which has been a drag on earnings over the past year. Coats will sell the unit to Aurelius Group, subject to a number of conditions, and is expected to complete the deal in the second quarter of this year, it said in a statement. The proceeds will go towards general corporate purposes. "The agreement to sell EMEA crafts follows a comprehensive review of the bus...

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