Lakatos Koves & Partners has advised Bristol-based industrial thread manufacturer Coats on the sale of its thread factory in Ujpest, Hungary.
According to LKT, the predecessor of the Ujpest thread factory was founded in 1923 and, under various names, was one of the dominant companies in the Hungarian textile industry during the 20th century. Coats purchased the factory in the privatization process in 1990, with the plant resuming its original activities.
Coats is a manufacturer of thread and structural components for apparel and footwear and develops performance materials.
According to the firm, Coats has factories in various countries around the world, with the Coats Magyarország Kft. operation in Hungary having "played a very important role throughout the last decades." However, the company decided to move its production operations from Hungary to Romania.
The LKT team was led by Partner Attila Ungar and Senior Lawyer Katalin Losonci and included Junior Lawyer Fanni Balas.