Coats Group plc is a British multinational company. It is the world's largest manufacturer and distributor of sewing thread and accessories, and the second largest manufacturer of zippers and fasteners after YKK. It is listed on the London Stock Exchange and is a member of the FTSE 250 index.
Story
In 1755, James and Patrick Clarke began manufacturing weaving machinery and silk thread in Paisley, Scotland. In 1806, Patrick Clarke invented a method of spinning cotton to replace silk, which was unavailable due to the French blockade of Great Britain. He opened the first cotton yarn factory in 1812. In 1864, the Clark family began manufacturing in Newark, New Jersey , United States , under the name Clark Thread Co.
In 1802, James Coates established a weaving business, also in Paisley. In 1826 he opened a cotton mill at Ferguslie to produce his own thread, and when he retired in 1830 his sons, James and Peter, went into business as J. & P. Coats. The firm expanded internationally, especially in the United States. In 1890, Coats was listed on the London Stock Exchange with a capital of £5.7 million.
In 1952, J. & P. Coats and Clark Thread Co. merged. In 1961, Coats Patons was created through a merger with Patons and Baldwins. In 1986, Coats Viyella was created through a merger with Vantona Viyella. In 2003, Guinness Peat took Coats private, and in 2015 the company returned to the market under the name "Coats Group".
Controversy
In 2007, the European Commission fined Coats €110 million for engaging in cartels with Prym, YKK and other companies to fix and manipulate the prices of zippers and other fasteners, and the machinery to make them. One of the cartels lasted twenty-one years. In 2012, an appeal to the General Court of the European Union was rejected and the fine was upheld.
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