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Keep reading...The world-leading Tier 2 supplier of critical components to the apparel and footwear industries, announced today that it has completed its acquisition of OrthoLite, a global market leader in footwear materials and the number one brand in premium insoles. The acquisition marks a major milestone in the Company’s long-term growth plans and strengthens its existing footwear division through expansion into the attractive, high-growth premium insole segment.
“OrthoLite is one of the world’s most innovative manufacturers in footwear materials. With our combined capabilities, we’ll now be able to offer our customers more future-focused solutions for more of the shoe – without compromising on the trusted quality both companies stand for,” said David Paja, Group Chief Executive Officer.
Coats will also move from a three-division organisational structure, previously Apparel, Footwear and Performance Materials, toward a simplified two‑division structure focused on Apparel and Footwear. Existing Performance Materials businesses will be folded into the two new divisions.
The divisions will be led by Pasquale Abruzzese, Footwear CEO and Group Chief Operating Officer, and Adrian Elliott, Apparel CEO and Group Chief Commercial Officer. Glenn Barrett will continue to lead the OrthoLite business.
