Gildan Announces Acquisition of Frontier Yarns Parent Company
Dec 13, 2021 By MarketDepth
Gildan Activewear Inc. (TSX: GIL) (NYSE: GIL) today announced its acquisition of 100% of the equity interests of Phoenix Sanford, LLC, via one of its wholly-owned subsidiaries.
Global Supply Chain
Phoenix Sanford, LLC is the parent company of Frontier Yarns, a leading producer of 100% cotton, polyester, and cotton blend yarns primarily manufactured on open end and vortex (MVS) spinning technology. The acquisition is part of a Gildan strategy to internalize yarn production, helping build on its global vertically integrated supply chain.
“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.”Glenn J. Chamandy, President and CEO of Gildan
As part of the acquisition, Gildan’s acquisition includes four facilities located in North Carolina employing approximately 800 employees.
“This acquisition is a testament to the trust Gildan places in our people, their expertise, and our operations and we see this combination as a strong and natural fit. Having developed a long-standing relationship with Gildan over the years, we are excited for our employees given this new opportunity for collaboration and growth.”Robin Perkins, CEO of Frontier Yarns