Image: Gildan media resources
Gildan Activewear Inc., through one of its wholly-owned subsidiaries, has acquired 100 percent stake in Phoenix Sanford, LLC, the parent company of Frontier Yarns for a total cash consideration of approximately 168 million dollars.
The company said in a release that Frontier is a producer of 100 percent cotton, polyester, and cotton blend yarns primarily manufactured on open end and vortex (MVS) spinning technology. The yarn operations of Frontier acquired by Gildan include four facilities located in North Carolina employing approximately 800 employees. During 2021, approximately forty percent of Frontier’s production was dedicated to yarn sold to Gildan for textile manufacturing in Central America and the Caribbean.
“As a long-time trusted yarn supplier of Gildan, with a dedicated and experienced workforce, we are delighted to welcome Frontier into the Gildan family” said Glenn J. Chamandy, President and CEO of Gildan.
The company added that the acquisition of Frontier will allow Gildan to build on its global vertically integrated supply chain through further internalizing yarn production. In addition, it will support yarn availability for Gildan’s textile capacity expansion plans in Central America and the Caribbean.
“Having developed a long-standing relationship with Gildan over the years, we are excited for our employees given this new opportunity for collaboration and growth,” added Robin Perkins, CEO of Frontier Yarns.
http://dlvr.it/SFKl1s
No comments:
Post a Comment