Posted on February 28, 2008 at 5:12 PM
Filed under: Integration
Tagged: Canada , Gildan Activewear , Laurence Sellyn , M&A , Prewett , retail , Wal Mart

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Montreal-based apparel maker Gildan Activewear Inc. is ready to sock away some good returns from its $135 million October purchase of V.I. Prewett & Son. Prewett happens to be the largest supplier of private-label socks to U.S. mass-market retailers. Investor's Business Daily says Gildan made its mark manufacturing blank T-shirts, sweat shirts and golf shirts for wholesale distributors and moved into retail distribution in 2005 by selling its active wear line without logos or decorations to U.S. and Canadian regional retailers. One of those retailers happens to be Wal-Mart Stores Inc., the nation's biggest. They also report that Gildan's CFO Laurence Sellyn expects Prewett to increase Gildan's annual earnings by 20 cents a share after it completes integrating the acquisition. - Baz Hiralal

Go to the story from Investor's Business Daily


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