Gildan Announces Agreement to Acquire Anvil for Approximately U.S. $88 Million
Anthony Corsano, president and CEO of Anvil, will continue his career with Gildan as a member of Gildan's senior management team. Mr. Corsano will join Gildan's Branded Apparel division and focus on the continuing development of 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 of Gildan. "In addition, the projected economic returns from the acquisition are highly attractive and are expected to create further value for our shareholders."
The acquisition is subject to customary closing conditions and is expected to close by the end of May.