Gildan Acquires Anvil Holdings
Gildan Activewear Inc., Montreal, has agreed to acquire New York City-based activewear manufacturer
Anvil Holdings Inc. for $88 million.
Anvil Holdings operates primarily through its Anvil Knitwear unit, which supplies basic T-shirts and sport shirts for the printwear market, branded niche products within the United States, and basic apparel products for major non-retailer brands.
Anvil President and CEO Anthony Corsano will become a member of Gildan's senior management team and will join Gildan's Branded Apparel division, where he will focus on continuing Anvil's strategy to grow its business of providing high-volume quality products for non-retailer brands.
Gildan plans to expand sales in the printwear market following the acquisition.
"We believe that the acquisition of Anvil and the combination of the compatible cultures and strengths of our two companies will position Gildan to further enhance our product offering for our printwear customers and build further on our leadership position in this market," said Glenn Chamandy, president and CEO, Gildan. "In addition, the projected economic returns from the acquisition are highly attractive and are expected to create further value for our shareholders."