Delta Galil Announces Completion Of Inner Secrets Acquisition
TEL AVIV, Israel, Jan. 8 /PRNewswire/ -- Delta Galil Industries Ltd.(Nasdaq: DELT), the global provider of private label intimate apparel, men's underwear, socks, baby wear and leisurewear, today announced that it has completed the acquisition of Inner Secrets Inc. Inner Secrets, a New Jersey based manufacturer and marketer of private label bras, and other ladies' intimate apparel, possesses a host of quality customers mainly catering to the "mass market." Its customers include Target, Wal-Mart, K-mart, Victoria's Secret and others. The company outsources to the Far East, especially Hong-Kong, China, Indonesia and Bangladesh. Guyana,Mexico, Haiti and Colombia are outsourcing centers as well. In addition, Inner Secrets owns a factory in the Dominican Republic and a distribution center in New Jersey. Annual sales of Inner Secrets amounted to $85 million in 1999. "We are excited to complete the Inner Secrets acquisition," commented Delta chairman Dov Lautman. "Bringing our US sales to approximately 50 percent of our total and additional penetration into the mass market, this deal complements our growth strategy and our previous acquisitions."