Benzinga | Dec 13, 2021 08:52AM EST

Gilden Activewear Acquires Frontier Yarns For $168M

* Gilden Activewear Inc (NYSE:GIL) has acquired 100% of the equity interests of Phoenix Sanford, LLC, the parent company of Frontier Yarns, for total cash consideration of ~$168 million.

* The yarn operations of Frontier acquired by Gildan include four facilities located in North Carolina with about 800 employees.

* Gildan expects the acquisition to build on its supply chain by further internalizing yarn production and supporting yarn availability for its textile capacity expansion plans in Central America and the Caribbean.

* Gilden held $389.3 million in cash and equivalents as of September 30, 2021.

* Price Action: GIL shares closed lower by 0.73% at $40.93 on Friday.