(Filed Under Financial and General Interest News). Gildan Activewear Inc. announced that it has acquired Shahriyar Fabric Industries Limited, a vertically integrated knitting, dying, finishing, cutting and sewing facility near Dhaka, Bangladesh, which produces approximately 2.2 million dozen ring-spun T-shirts per year.
Gildan purchased the facility for approximately $15 million, and plans to increase its annual production capacity to 3.5 million dozen with the goal of growing its international business throughout Asia and Europe. Gildan undertook the acquisition after searching for a major vertically integrated manufacturing hub in Asia, with an infrastructure and location to position the company as a low-cost, high-quality producer.
For further information, contact Laurence G. Sellyn, executive vice president, chief financial officer and administrative officer for Gildan Activewear, by calling (514) 343-8805, or e-mailing LSellyn@Gildan.com.
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