Gildan Announces Agreement to Acquire Gold Toe Moretz for Approximately $350 Million
Acquisition includes Gold Toe sock brand and exclusive U.S. sock licenses for Under Armour and New Balance brands.
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Gildan Activewear believes that the combination of the competitive strengths of the two companies, and continued support for the further development of Gold Toe Moretz's owned and licensed brands, will create a strong platform for further organic sales growth in socks and other retail product categories. In addition, Gildan Activewear currently expects to be able to achieve $10-$15 million of annualized cost synergies, which would be gradually realized over the next 24 months.
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