Gildan Activewear Inc. (GIL,GIL.TO) announced Tuesday that it has signed a definitive agreement to acquire substantially all of the assets of New Buffalo Shirt Factory Inc. and its operating affiliate in Honduras, for about US$7 million. The closing of the transaction is expected to take place imminently.
New Buffalo is a leader in screenprinting and apparel decoration, which, in conjunction with Anvil and certain other apparel manufacturers, provides screenprinting and decoration of apparel for global lifestyle and athletic brands.
The company said that the key management of New Buffalo, including founding entrepreneur Jon Weiss, will continue to operate the business under Gildan ownership.
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