Gildan Activewear buys yarn supplier Frontier Yarns for US$168 million
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Hey there, time traveller!
This article was published 13/12/2021 (1405 days ago), so information in it may no longer be current.
MONTREAL – Gildan Activewear Inc. has signed a deal to buy Phoenix Sanford LLC, the parent company of Frontier Yarns, for US$168 million.
Frontier is a producer of cotton, polyester and cotton blend yarns.
It has four facilities in North Carolina employing about 800 employees.
Gildan says it bought about 40 per cent of Frontier’s production this year for textile manufacturing in Central America and the Caribbean.
The company says the acquisition of Frontier will allow it to build on its global vertically integrated supply chain.
Chief executive Glenn Chamandy says the acquisition broadens and complements Gildan’s existing yarn capabilities and provides additional capacity to support long-term growth.
This report by The Canadian Press was first published Dec. 13, 2021.
Companies in this story: (TSX:GIL)