Coats is a leading industrial thread manufacturer and a major player in the Americas textile crafts market. The company is about to enter the FTSE 250. The latest quarterly review by FTSE Russell, the global index provider, confirmed that Coats has met the requisite criteria and will enter the FTSE 250 with effect from 19 June. This comes after Coats market capitalisation reaching in excess of £1 billion last week.
Coats, which was a founding member of the FT 30 index created in 1935 and was also once the third largest company in the world, has undergone a significant corporate change in recent years in order to help reach the strategic objective of entering the FTSE 250. According to the words of Rajiv Sharma, the Chief Executive of Coats; “This is excellent news for our employees, shareholders and customers and is the culmination of an intense period of corporate transformation. Thanks go to our 19,000 employees for delivering strong operational results.”