Companhia de Tecidos Norte de Minas – COTEMINAS or CTNM was founded in 1967. Its first spinning and fabrics factory, located in Montes Claros, MG, started its operation in 1975, and expanded its operational capacity, through the acquisition of the operating unit of Natal, RN, in the 80s. In the 90s, there were the construction of new factories in Campina Grande, PB, and acquisition of operational assets from Santista and Artex, located in Blumenau, SC, and João Pessoa, PB. The acquisition of Santista and Artex brands marked CTNM’s entry into the consumer segment, which subsequently acquired the Arco-Íris and Fantasia brands in Argentina.
Companhia de Tecidos Norte de Minas – COTEMINAS is a publicly-held company and operates as a holding company for textile companies in Brazil and abroad.
In 2004 the company acquired a relevant stake in COMPANHIA TECIDOS SANTANENSE, and since that date the company has included this subsidiary in its consolidated balance sheets. Companhia Tecidos Santanense is a publicly-held company whose corporate purpose is the textile industry; related activities; manufacture and sale of clothing products, including professional uniforms; accessories and personal protective equipment – PPE, for work safety; the export and import of products related to its purpose, being able to participate in the capital of other companies and acquire negotiable securities in the capital market.
In 2006, the association of operating assets related to the Company’s home products business (CTNM) and Springs Industries Inc. was completed with the formation of Springs Global Participações SA (Springs Global), which controls Coteminas SA and Springs Global US, Inc., closed operational companies, headquartered in Brazil and in the United States, respectively, which started to concentrate industrial activities in the area of bedding and bath prodcts previously developed by the CTNM and by Springs Industries.
Springs Industries supplied leading the major retailers in the United States and Canada with a complete and coordinated line of high quality home products under renowned brands in the bed and bath, and finished fabric, being the retail leader in market share in most of the segments in which it operated.
These companies initiated a strategic alliance in 2001, which culminated in the announcement of the association in October 2005, and concluded with the establishment of Springs Global as a holding company based in Brazil in November 2005. CTNM and the shareholders of Springs Industries contributed their business in the bed and bath segments to the creation of Springs Global.
As of July 27, 2007, Springs Global’s shares began to be traded on the Novo Mercado segment of BM&FBOVESPA S.A. – Stock, Commodities and Futures Exchange.
Springs Global’s creation had as main objectives: (i) to combine CTNM’s low production costs and modern industrial facilities in Brazil with Springs Industries’ extensive distribution channels, renowned brands and long-term customers in North America; (ii) to reduce production costs by transferring production capacity from the United States to Brazil and Argentina and consolidate production capacity in the United States only for certain strategic products and finishing processes; and (iii) to reduce administrative activities in our North American subsidiary, tranferring certain back-office activities from the United States to Brazil.
Springs Global believes to be a leader in bed, table and bath products in the Americas, having traditional and leading brands in its segments, strategically positioned in order to efficiently serve customers of different socioeconomic profiles.
In Brazil, Springs Global holds a perpetual license for the Santista brand, signed with Santista Têxtil Ltda for the bed, table, bath, pillows and curtains segments, and is the owner of the Artex, MMartan and Casa Moysés. The first is sold only at wholesale, the last two are sold only at mono-brand retail, and Artex serves both distribution channels. In Argentina, we have the brands Palette, Arco-Íris and Fantasia, which are market leaders.
Springs Global has vertically integrated production of its products, from spinning to weaving, preparation, dyeing, printing, finishing and sewing, with plants in Brazil (nine units) and Argentina (one unit).
As of 2009, Springs Global began to operate directly in the retail single-brand bed, bath and table in Brazil, through the acquisition of the MMartan chain of stores. In 2011, Artex stores were launched. The Artex franchises started in 2015 and the digital franchise in 2018.
At the end of 2018, the subsidiary Springs Global entered into an agreement with Keeco, an American home fashion products company, to combine operations in North America. The transaction was completed in mid-March 2019, when indirect subsidiary Springs US received $ 90 million in cash and $ 36 million in shares of the combined company, Keeco Holdings, LLC, representing a 17.5% stake in its share capital.
The combined company has a portfolio of products and leading brands in the curtains, utility bedding, and decorative bedding markets, in addition to a diversified portfolio of customers, including the main traditional and digital retail companies in the North American market.