Coats Group, a manufacturer of thread and structural components for apparel and footwear, has signed a definitive agreement to acquire OrthoLite Holdings LLC.
The acquisition includes Cirql, a newly developed proprietary foam midsole technology that offers biodegradable or fully recyclable options.
“The combination of Coats and OrthoLite is fantastic news for both companies and for the footwear industry. It brings together two global leaders in adjacent segments of the footwear components market with a shared vision for innovation and sustainability and with unparalleled brands and customer relationships. We look forward to working with Glenn Barrett and the OrthoLite team, leveraging our combined strengths to reshape the future of the footwear components industry,” says David Paja, CEO at Coats.
“I’m excited to merge OrthoLite, the footwear innovation business that I founded 28 years ago with Coats Group plc. This alliance forms a powerful partnership of industry leaders to provide a platform for OrthoLite and Cirql to continue to serve our customers with the most innovative and sustainable footwear components in the world,” says Glenn Barrett, founder and CEO of OrthoLite.
Leave A Comment