CANADA: Gildan Activewear to buy apparel printing firm
Canadian manufacturer Gildan Activewear is to acquire the assets of apparel printing firm New Buffalo Shirt Factory and its operating affiliate in Honduras for US$7m.
The company, whose brands include Gildan, Gold Toe and Anvil, said the deal will complement the Anvil business - which it acquired last year - with the brands it supplies.
These brands are expected to utilise the capacity of the New Buffalo facilities and, Gildan said, are increasingly looking to consolidate their sourcing with large-scale manufacturers in the western hemisphere. They are also committed to high standards of corporate social responsibility.
The T-shirt and sock maker last month said it more than doubled its second-quarter profit, and is looking to grow its supply base and expand its relationships with global brands concerned about safety at sub-contractors making their clothes.
New Buffalo supplies apparel printing and decoration to global lifestyle and athletic brands. Its management team, including founder Jon Weiss, will continue to operate the business under Gildan ownership.
Higher revenues, lower cotton costs and strong sales in its printwear business have helped apparel maker Gildan Activewear to a 9% jump in fourth-quarter profit....
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