Coats Group shares see 15% boost following contribution deal with UK scheme trustees

Coats agrees one-lump sum payment in return for switching off deficit repair payments

Jonathan Stapleton
clock • 2 min read
Coats' Epic EcoVerde multicolour stitching thread
Image:

Coats' Epic EcoVerde multicolour stitching thread

Coats Group has seen its share price jump by around 15% after it announced it had reached an agreement with the trustees of its UK scheme to switch off pension deficit repair payments from 1 January 2024.

As part of the deal with trustees, the industrial thread manufacturer said it has agreed to pay the scheme a one-off lump sum payment of £10m to move it into an expected surplus position against th...

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