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Gildan To Acquire Anvil Holdings

Montreal-based branded basic apparel manufacturer Gildan Activewear Inc. has agreed to acquire 100 percent of the common shares of New York City-based activewear manufacturer Anvil Holdings Inc. for $88 million. The acquisition is expected to be completed by the end of May.

Anvil Holdings operates primarily through its Anvil Knitwear unit, which supplies basic T-shirts and sport shirts for the printwear market; branded niche products within the United States, including products such as Anvil Organic®, Anvil Recycled® and Anvil Sustainable®; and basic apparel products for major non-retailer brands.

Gildan reports the acquisition will provide it with an increased market share in the U.S. distributor channel for an investment equivalent to what it would need to support incremental sales revenues from the acquisition were they yielded through organic growth. The company plans to expand sales in the printwear market following the acquisition.

Anvil President and CEO Anthony Corsano will become a member of Gildan's senior management team and will join Gildan's Branded Apparel division, where he will focus on continuing Anvil's strategy to grow its business of providing high-volume quality products for non-retailer brands.

"We believe that the acquisition of Anvil and the combination of the compatible cultures and strengths of our two companies will position Gildan to further enhance our product offering for our printwear customers and build further on our leadership position in this market," said Glenn Chamandy, president and CEO, Gildan. "In addition, the projected economic returns from the acquisition are highly attractive and are expected to create further value for our shareholders."

May 8, 2012