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HanesBrands To Acquire Maidenform Brands

Winston-Salem, N.C.-based apparel manufacturer HanesBrands Inc. has agreed to acquire Iselin, N.J.-based global intimate apparel marketer Maidenform Brands Inc. for approximately $575 million.

HanesBrands reports the acquisition will complement its Innovate-to-Elevate strategy, which integrates its brands, low-cost supply chain and product innovation; create growth and cost-savings opportunities; and increase its reach to serve retailers. The company plans to leverage its low-cost supply chain, including its own global manufacturing operations supplemented by third-party manufacturing, to enhance Maidenform's value to retailers and consumers. Maidenform currently sources all of its products from third-party manufacturers.

The acquisition also will combine the strengths and capabilities of the companies' portfolios and allow for the cross-introduction of new products. Maidenform's average-figure bra business will complement HanesBrands' full-figure bra business. In addition, Maidenform is known for its shapewear, and HanesBrands is known for its panty business.

"We are looking forward to Maidenform joining the Hanes family," said HanesBrands Chairman and CEO Richard A. Noll. "Maidenform has great brands that consumers trust. Combining the complementary strengths of both companies creates a lot of growth opportunities."

The acquisition is expected to close in the fourth quarter of 2013.

July 30, 2013