Gildan Closes on $15M Shahriyar Fabric Buyout

Canadian clothing company Gildan Activewear completed its $15 million purchase of Shahriyar Fabric Industries Ltd., part of its bid to expand sales in Asia and Europe business.

The deal includes the assumption of $12 million of Shahriyar's debt and $3 million in equity, Gildan said Wednesday. Shahriyar owns and runs a knitting, dyeing, finishing, cutting and sewing plant near Dhaka, Bangladesh that makes T-shirts.