RICHARD CRAVER Winston-Salem Journal

HanesBrands Inc. is being sold for $4.4 billion to Canadian competitor Gildan Activewear in a deal that would play a major role in consolidating the U.S. basic apparel marketplace.

The companies disclosed Wednesday the deal is valued at $2.2 billion in Gildan stock and another $2.2 billion in acquiring HanesBrands corporate debt and some underfunded pension liabilities.

Gildan chief executive Glenn Chamandy said the proposed acquisition “is a historic moment in Gildan’s journey as we look to join forces with HanesBrands.”

“They are No. 1 in innerwear and unrivaled in their retail presence. With this transaction, our revenues will double, and we achieve a scale that distinctly sets us apart.”

The manufacturers said the sale could close by the end of

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