By  on June 14, 2011

Hampshire Group is gaining a foothold in Central America through its purchase of Rio Garment, a Honduras-based apparel manufacturer.

On Tuesday, Hampshire said it has entered into a definitive agreement to acquire Rio for $23 million, payable in up to $6.8 million in cash and $10.5 million in Hampshire stock, after the repayment in cash at closing of liabilities totaling about $5.7 million. This acquisition confirms a report posted on on Tuesday morning.

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