American & Efird (“A&E”) announced that it has entered into definitive agreements with Gütermann Holding SE to acquire its subsidiaries and certain assets that constitute its entire industrial and consumer thread business. Financial terms of the transaction were not disclosed.
Gütermann is a leading European manufacturer and distributor of consumer and industrial sewing thread products for use at home and in apparel, shoes, leather goods, work wear, home textiles and automotive end markets. Gütermann has a highly regarded brand name globally and a strong reputation among European apparel and non-apparel brands. The Company was founded in 1864 and is headquartered in Gutach, Germany. Gütermann has four manufacturing facilities located in Germany, Spain, Mexico and India, and employs approximately 1,000 people around the world.
Fred Jackson, Chief Executive Officer of A&E, said, “Gütermann is a world-class company with a highly regarded brand name and an exceptional reputation among consumers and world-class European brands. We are very excited about the combination of A&E and Gütermann and believe it will accelerate our success and growth in the global marketplace.”
Peter Zwicky, CEO of the Gütermann Group, comments: “The combination with A&E opens up new opportunities for Gütermann globally. Together, we can expand our strength in the industrial and consumer sewing thread markets, and better fulfill our customer’s global requirements.”
Completion of the transaction is expected in summer 2014 and is subject to shareholder approval and other customary closing conditions.