Spinrite to acquire North American Crafts business of Coats Group for $37m.

Spinrite, a yarn manufacturer, agreed to acquire North American Crafts business of Coats Group, an industrial thread manufacturer, for $37m. "The sale of our standalone North America Crafts business allows us to focus completely on our high performing business-to-business global Apparel and Footwear, and Performance Materials businesses. It also gives North America Crafts more opportunities to grow by being part of a large crafting group," Rajiv Sharma, Coats Group CEO.