Industrial thread maker Coats is investing US$5m in an Israeli based technology start-up that has developed what it describes as a “revolutionary” new digital thread dyeing system.
Coats’ investment will give it a 9.5% share in Twine Solutions and a seat on the board.
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Twine has created what it claims is the world’s first stand-alone digital thread dyeing system which applies the features of small-scale digital printing to the traditional dyeing process. The plug-and-play machine dyes thread using digital printing technology and can produce any length and colour, whenever or wherever they are needed.
The technology is based on waterless dyeing and will feature inbuilt colour software integrated with Coats ColourStitch.
“This is an exciting and innovative strategic move,” says Rajiv Sharma, group chief executive, Coats. “We are investing in future technology which will improve our industry and its sustainability by directly addressing the key needs of our customers: speed, innovation and sustainability. The disruptive technology has the potential to revolutionise the thread industry and Coats will work closely with Twine to commercialise this opportunity.”
The technology is due to be launched in mid-2019.
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By GlobalDataAlon Moshe, CEO, of Twine adds: “We are bringing high tech to a low tech industry by providing a unique solution to the most basic problem for one of the largest and oldest industries. To have the world’s leading industrial thread manufacturer as a backer brings immeasurable strength and opportunity to our offer.”
Twine Solutions was founded in 2015 in Israel. It currently has 40 full time employees and is based in Petah Tikva, outside Tel Aviv.
The investment in Twine follows three acquisitions for Coats: Patrick Yarn Mill, a US manufacturer of high performance engineered yarns; Gotex, a Spanish company that designs and manufactures high-tech industrial yarns and tapes used in the telecommunications, energy and oil and gas sectors; and FRS, a UK firm providing software solutions and expertise to improve operational efficiency and speed-to-market in apparel and footwear.
