US: Gildan Activewear to invest in yarn-spinning plants
Gildan Activewear said the investment will support its projected sales growth
Apparel company Gildan Activewear is to modernise and expand its two CanAm yarn-spinning facilities in the US and has revealed plans to build a new factory in the country.
During the first quarter of fiscal 2013, Gildan Activewear completed its acquisition of the remaining 50% of CanAm Yarns, its yarn-spinning joint venture.
The T-shirt and sock manufacturer said its investment in vertically-integrated yarn-spinning will support its projected sales growth.
It added that it will continue to invest in global low-cost manufacturing technology and product technology, including ring-spun yarn technology. This will provide enhanced quality features and qualify for duty-free access to US markets under DR-CAFTA, which requires US yarn or yarn spun in other DR-CAFTA member countries.
Ring-spun products will be utilised as part of the company's branded apparel products.
The news comes after Gildan Activewear saw its fourth quarter net earnings jump last week after the group benefited from lower cotton costs, and higher printwear unit sales volume.
It was also helped by a more favourable product-mix and higher selling prices for Branded Apparel, and the initial accretion from its acquisition of Anvil Holdings.
This report provides an update of business news in the following categories: acquisitions, divestments and mergers; company strategies; corporate social responsibility (CSR); financial results; intern...
Canadian apparel maker Gildan Activewear has reached a US$1m settlement with Russell Brands, a Fruit of the Loom company, to resolve a trademark infringement lawsuit....
- Improved supplier capabilities benefit Next
- THE FLANARANT: Understand win-win or lose out
- China and Vietnam lead US apparel imports in July
- Retailers voice concerns on Scottish independence
- Next H1: What the analysts say
- H&M goes green with Conscious Denim
- TPP talks "make progress" but issues remain
- Brandix selects first "game-changing" innovations
- Adidas defends position despite investor unrest
- Ultrasonic execs disappear along with company cash
- Wool in the 21st Century: new prospects for a familiar fibre
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Global market review of denim and jeanswear – forecasts to 2020
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Global Database of the Top 1000 Cut and Sew Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details