Anvil supplies high-quality basic T shirts and sport shirts for the printwear market. It has positioned itself as a supplier of high-value branded niche products within the US distributor channel, including products such as Anvil Organic, Anvil

Recycled and Anvil Sustainable. It has also increasingly established itself as a strategic supplier of basic apparel products which meet rigorous quality and social compliance criteria for major non-retailer brands.

For its fiscal year ended January 28, 2012, Anvil generated EBITDA of approximately U.S. $17 million on sales revenues in excess of US $200 million. Gildan expects to generate significant acquisition synergies as a result of integrating Anvil’s production for the printwear market into Gildan’s low-cost vertical manufacturing, the integration of Anvil’s US and international distributor sales into Gildan’s printwear business, consolidation of purchasing of raw materials and other purchased cost inputs, the elimination of certain duplicate administrative functions, and savings in ongoing working capital requirements.

The acquisition immediately provides Gildan with higher market share in the US distributor channel. Gildan intends to continue to pursue further sales growth in the printwear market, through leveraging the combined strengths of the two companies.

Anthony Corsano, President and CEO of Anvil, will continue his career with Gildan as a member of Gildan’s senior management team.

“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.

The acquisition was expected to close by the end of May.

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