Gildan buys US T-shirt maker Anvil for $88M
Gildan Activewear Inc. is acquiring high-quality T-shirt maker Anvil Holdings Inc. for US$88 million and a bigger share of the US market.
MONTREAL: Gildan Activewear Inc. is acquiring high-quality T-shirt maker Anvil Holdings Inc. for US$88 million and a bigger share of the US market.
Anvil, a supplier of high-value branded niche products within the US, reported sales of $200 million in the fiscal year that ended in January.
Gildan, a Montreal-based manufacturer and distributor of branded apparel, said the acquisition gives it an immediate higher market share in the US distributor channel.
The company said it intends to continue to pursue additional sales growth in the printwear market leveraging the combined strengths of the two companies.
Gildan does its manufacturing in low-labour cost countries. It has 30,000 employees worldwide at plants in Central America as well as the Caribbean Basin, and has begun development of a manufacturing hub in Bangladesh to support its planned growth in Asia and Europe.