ATLANTA — Gildan Activewear will close two sock facilities in Mount Airy, N.C., as it continues to consolidate sock production at its new facility in Honduras.
The closings, which will be completed by the end of August 2007, effects approximately 520 employees. Gildan said the relocation of capacity to modern large-scale facilities offshore is necessary in order to be globally competitive with imports from Asia. Gildan, which is based in Montreal, will continue to knit socks at its one remaining facility in Hillsville, Va.
Gildan said the restructuring costs for the manufacturing and administrative integration were fully provided for at the time of its Kentucky Derby Hosiery acquisition in July 2006. After reflecting for its recent two-for-one stock split, Gildan said it continues to expect a run-rate of 10 cents (U.S.) per share accretion impact by the end of its current fiscal year, increasing to 15 cents per share by mid-2008, when Gildan's new sock manufacturing facility should be fully ramped up.
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