This high-quality, trusted business represents a compelling strategic fit and a unique opportunity to establish Coats as a global leader in the supply of materials to the footwear industry, building upon an already successful Footwear business and adding even greater value for our customers. OrthoLite is a highly complementary addition to Coats due to its customer base, route-to-market, focus on sustainability and global operational footprint, with a strong financial track record.
OrthoLite is a pioneer and global market leader in insole open-cell foam technology, which delivers superior benefits in comfort, performance, and sustainability. The acquisition includes Cirql, a newly developed proprietary foam technology launched earlier this year that targets the midsole market with a biodegradable or fully recyclable offering.
This combination provides Coats with a unique strategic opportunity to reinforce its position as a global leader in the footwear market. OrthoLite’s strategic focus on sustainability, together with its reputation as a technology leader, will further enhance our portfolio of innovative offerings and strengthen our customer proposition to leading footwear brands.
David Paja, Coats Group Chief Executive Officer, said: “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.”
Glenn Barrett, founder and CEO of OrthoLite, added: “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.”
