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Polo-shirt manufacturer details restructuring plans

Thursday 28th of September 2006 10:38:49 AM

US-based manufacturer of t-shirts and polo-shirts Gildan has announced plans to restructure.

The group will move its North America operations, shifting production abroad, in an attempt to bring down costs.

A t-shirt and golf-shirt plant in Valleyfield, Canada, will be closed at the end of the year, while production at a knitting factory in Montreal will be reduced.

In addition, downsizing of manufacturing capacity is to take place at in Mount Airy, North Carolina and Hillsville, Virginia, over the coming months.

The firm will instead invest in its manufacturing plants in Central America and the Caribbean, notably Honduras and the Dominican Republic.

Jessy Hayem, a Desjardins Securities analyst, did not express surprise at the move, telling Reuters: "The US rationalisations' timing may be a little ahead of our expectations and is positive if anything, indicating that the Rio Nance III sock facility [in Honduras] ramp-up is on track."

Gildan, a market leader in t-shirt wholesale, is to incur a fourth quarter restructuring charge.

Find Gildan products here