Industry News
Gildan included on the 2021 Dow Jones Sustainability Index for the ninth consecutive year
G
ildan Activewear has been included on the 2021 Dow Jones Sustainability Index (DJSI) for the ninth consecutive year.
The results released on November 12 highlight that Gildan continues to be a leader ranking in the 95th percentile of all companies in the Textiles, Apparel &, Luxury Goods industry, and also the only apparel manufacturer on the North American index. The DJSI North America index comprises North American sustainability leaders representing the top 20% of the largest 600 North American companies in the S&P Global BMI based on long-term economic, environmental, and social criteria.
Glenn J. Chamandy, president and CEO of Gildan, said: “We are pleased to be included on the DJSI for North America once more, with scores that continue to reflect Gildan’s distinct commitment to strong Environmental, Social, and Governance (ESG) practices.
“Our ninth consecutive inclusion in the index is the result of more than 20 years dedicated to developing, integrating, and standardising ethical and sustainable practices throughout our supply chain. This, in combination with our unique vertically-integrated business model, which provides us with complete control over our operations, has allowed Gildan to be a leader in responsible apparel manufacturing. “As we look to the future, we are eager to continue our ESG journey and deepen our sustainability practices with our Next Generation ESG strategy and targets which will be announced early in the new year.” Manjit Jus, global head of ESG Research, S&P Global, added: “We congratulate
Gildan for being included in the Dow Jones Sustainability Index for North America. A DJSI distinction is a reflection of being a sustainability leader in your industry. The record number of companies participating in the 2021 S&P Global Corporate Sustainability Assessment is a testament to the growing movement for ESG disclosure and transparency.”
Created jointly by S&P Dow Jones Indices and SAM, the Dow Jones Sustainability Index family is a best-in-class benchmark for evaluating sustainable business practices. The DJSI Index applies a transparent, rules-based component selection process based on the companies’ Total Sustainability Scores resulting from the annual S&P Global Corporate Sustainability Assessment (CSA). Only the top-ranked companies within each industry are selected for inclusion in the Dow Jones Sustainability Index family. This year, more than 10,000 publicly traded companies were invited to participate in the S&P Global CSA.
Gildan strikes deal to acquire Frontier Yarns
Gildan Activewear has announced the acquisition of Frontier Yarns through one of its wholly-owned subsidiaries for a total cash consideration of approximately $168 million. Frontier Yarns is described as a leading producer of 100% cotton, polyester, and cotton yarns primarily manufactured on open end and vortex spinning technology. The deal includes four yarn facilities located in North Carolina, employing around 800 people. During 2021, approximately 40% of Frontier’s production was dedicated to yarn sold to Gildan for textile manufacturing in Central America and the Caribbean. Gildan says the acquisition will allow it to build on its globally integrated supply chain through further internalising yarn production.
Glenn J. Chamandy, president and CEO of Gildan, said: “As a long-time trusted yarn supplier of Gildan, with a dedicated and experienced workforce, we are delighted to welcome Frontier into the Gildan family.
“In line with our business model of investing in global manufacturing, the acquisition of Frontier’s operations broadens and complements our existing yarn capabilities and provides additional yarn capacity to support long-term growth.” Robin Perkins, CEO of Frontier Yarns, added: “This acquisition is a testament to the trust Gildan places in our people, their expertise, and our operations and we see this combination as a strong and natural fit.
“Having developed a long-standing relationship with Gildan over the years, we are excited for our employees given this new opportunity for collaboration and growth.”
Coloreel secures 10-unit deal in Portugal C
oloreel has closed a deal of 10 units with MIB, Máquinas Industriais para Bordados, in Portugal.
MIB, Máquinas Industriais para Bordados, is a leading distributor in Portugal with more than 25 years of experience in the embroidery industry and has a large number of high-end customers in the textile and decoration industry. With the new investment in the unique Coloreel products, more customers will be able to
www.printwearandpromotion.co.uk
unlock their embroidery potential. Sven Öquist, VP sales at Coloreel Group AB, said: “I am so excited that MIB, a company with such experience and reputation in the Portuguese market, has selected our technology for more sustainable and creative embroideries. They see the potential that Coloreel brings to their business. It is a milestone for us at Coloreel, as it also means that several of MIB’s customers are increasing
The order consists of both multi-head and single-head installations
their installations of Coloreel units to meet the increase in demand for our decoration technology.”
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