Hanesbrands Inc. Completes Acquisition of Pacific Brands Limited
Back in April, we reported that Hanesbrands Inc., Winston-Salem, N.C., acquired Pacific Brands Limited, an Australian underwear company. Today, HanesBrands Inc. announced that it has completed the acquisition of Pacific Brands Limited.
Hanesbrands Inc. acquired Pacific Brands for approximately $800 million. Pacific Brands consists of three business divisions: underwear, Sheridan, Tontine and Dunlop Flooring. Annual sales for Pacific Brands' core underwear and Sheridan divisions are valued at approximately $600 million. Hanesbrands Inc. plans to divest the Tontine pillow and Dunlop Flooring businesses.
The company also announced some new hires that came as a result of the acquisition.
“Pacific Brands, with its iconic century-old and fast-growing Bonds brand, is a great addition to our strong market-leading portfolio spanning the Americas, Europe and Asia-Pacific that is supported by a world-class, company-owned, global supply chain,” said Gerald W. Evans Jr., chief operating officer and CEO-elect of Hanesbrands Inc. “We are adding a top-notch management and marketing team led by CEO David Bortolussi that will help serve as a catalyst for continued growth and value creation into the foreseeable future.”
Hanesbrands Inc. predicts the acquisition will result in significant savings because of the company's expansive supply chain. This is the second acquisition that Hanesbrands Inc. has completed in the past two weeks, and its sixth acquisition in the past three years.
For more information on Hanesbrands Inc., visit www.haneslocator.com.