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Gildan To Acquire Kentucky Derby Hosiery

Montreal-based branded basic apparel manufacturer Gildan Activewear Inc. has agreed to acquire Hopkinsville, Ky.-based Kentucky Derby Hosiery Co. Inc. for approximately $45 million. The deal is expected to close on or around July 3, 2006.

With $130 million in annual sales, Kentucky Derby produces hosiery products primarily for mass retailer private-label programs. Gildan plans to use the company’s experience and mass-market distribution system to help build its own brand as well as to continue to provide products for Kentucky Derby’s brand licenses and private-label programs.

Gildan also is expanding its Rio Nance manufacturing complex in Honduras, adding two new facilities there including one for large-scale production of athletic socks. It also is in the process of bringing a new textile facility online in the Dominican Republic.

Kentucky Derby majority owner and CEO William H. "Bill" Nichol Jr. will remain on board to lead the hosiery business, working with Gildan's sales and marketing team to improve Kentucky Derby's existing business, develop Gildans retail brand for basic apparel and promote Gildans position in the US hosiery market. 

June 20, 2006