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Gildan Activewear buys yarn supplier Frontier Yarns for US$168 million

Gildan Activewear buys yarn supplier Frontier Yarns for US$168 million | iNFOnews.ca
Gildan Activewear Inc. president and CEO Glenn Chamandy poses for a photograph following the apparel manufacturer's annual meeting Thursday, February 5, 2015 in Montreal. THE CANADIAN PRESS/Paul Chiasson

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)

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