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Big Changes for Gildan ActiveWear, Inc.

Saturday 12th of May 2007 02:19:15 AM

In addition to closing manufacturing plants in Montreal, Canada, Mexico, and Bombay, New York, Gildan Activewear, Inc. will also be enacting a 2-for-1 split, which will be given in the form of a stock dividend starting May 18th. Chief Executive Officer, Glenn Chamandy will be selling 1.8 million of his own shares over the coming year in order to maintain company profits, which were slightly higher than expected. “I've been a shareholder and founder of the company since 1984. People who know me - this is my life,” Chamandy said in response to rumours that he will be leaving the company.

The company went public in 1998 and has been holding strong ever since. Despite restructuring charges, the company maintained a healthy profit of 37.5 million US dollars. The company mainly manufactures t-shirts, underwear and socks, polo shirts, and fleece clothing, and will be moving plants to the Caribbean and Central America. While moving plants to these locations will result in the loss of 1,800 jobs in Canada, Mexico, and the US, the company is hopeful they will be able to continue being successful in the marketplace.

Gildan is also working with Dollar General Corp., a US based discount retailer, to sell socks made by the company. In the past, Gildan has mainly served as a wholesaler. These new changes should help increase profits and help the company move forward by offering different types of products in order to stay ahead of competition. Gildan attributes its success to the increasing demand for active wear.

(c)Susanna, www.sxc.hu