(Filed Under Financial and General Interest News). Gildan Activewear acquired Frontier Yarns in December for approximately $168 million.
The deal was for 100% of the equity interests of Phoenix Sanford, LLC, the parent company of Frontier Yarns, according to the announcement. “Frontier is a leading producer of 100% cotton, polyester, and cotton blend yarns primarily manufactured on open end and vortex (MVS) spinning technology. The yarn operations of Frontier acquired by Gildan include four facilities located in North Carolina employing approximately 800 employees. During 2021, approximately forty percent of Frontier’s production was dedicated to yarn sold to Gildan for textile manufacturing in Central America and the Caribbean.”
Gildan added that the “acquisition of Frontier will allow Gildan to build on its global vertically integrated supply chain through further internalizing yarn production. In addition, it will support yarn availability for Gildan’s textile capacity expansion plans in Central America and the Caribbean.”
Stated Glenn Chamandy, president and CEO of Gildan, “As a long-time trusted yarn supplier of Gildan, with a dedicated and experienced workforce, we are delighted to welcome Frontier into the Gildan family. In line with our business model of investing in global manufacturing, the acquisition of Frontier’s operations broadens and complements our existing yarn capabilities and provides additional yarn capacity to support long-term growth.”
Gildan markets its products in North America, Europe, Asia-Pacific, and Latin America, through a variety of company-owned and licensed brands. Its offerings include activewear, underwear, socks, hosiery and legwear. Gildan owns and operates manufacturing facilities “which are primarily located in Central America, the Caribbean, North America, and Bangladesh,” with “approximately 46,000 employees worldwide.”
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