Gildan Activewear Inc., a Canadian sportswear company apart from expanding with a yarn spinning plant in Mocksville, acquisition of Doris Inc., a Montreal manufacturer of branded sheer hosiery, legwear and shapewear products is part of Gildanâ€™s larger goal.
With the takeover of Doris, Gildan will gain a foothold in the ladies intimates' category and broaden the company's retail distribution network in the United States. Doris is the third largest marketer of branded ladies legwear in North America and the market leader in Canada. Its company-owned brands include Kushyfoot, Secret, Silks and TherapyPlus.
Gildan plans to close on the acquisition by early July for an initial price of $101.4 million with possible additional contingent payments of up to $9.2 million based on Doris reaching targets for revenue growth. The purchase will be paid for in cash and financed out of Gildan's bank credit facility.
Doris will provide the company with a strong sales organization and platform for retail distribution of the Gildan and Gold Toe brands in Canada.
Gildan's planned Mocksville plant expansion announcement will create more than 500 jobs in North Carolina by the end of 2016. Gildan currently has more than 630 workers in the Triad, with existing facilities in Eden and Mebane.
Gildan has also plans to build a yarn-spinning facility in Salisbury and expanding and renovating a plant in Clarkton in Bladen County. Total investment for the three projects is estimated at $250 million.
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