CANADA: Gildan Activewear Announces Major Expansion Plans
Gildan Activewear (NYSE: GIL; TSE: GIL.A) has announced plans to expand its manufacturing and distribution operations. The company also announced that it has signed a long-term agreement to secure a low-cost supply of yarn. The manufacturing and distribution plan, which capitalises on recent changes in US international trade legislation, particularly The Trade Enhancement Act of 2000 (formerly referred to as the CBI-NAFTA Parity Act and/or the CBI Enhancement Act), will give Gildan enough capacity to achieve its target of $1bn in sales by the end of 2003, without any major increase in its planned capital expenditures and administrative infrastructure.
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