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Last year the majority of Maidenform's revenue
-- 57 percent -- came from bra sales, while 35 percent of revenue was from shapewear sales. About 90 percent of the Iselin, N.J. company's sales were in the U.S. HanesBrands Inc. plans to pay for the deal with available cash and short-term borrowings on its revolving credit facility. The company anticipates the transaction adding to its earnings per share in the first year after closing. It's expected that within three years the buyout will result in more than $500 million in incremental annual sales and 60 cents per share in earnings. HanesBrands, which is based in Winston-Salem, N.C., estimates its pro forma annual revenue will be more than $5 billion after the deal is complete. Both companies' boards unanimously approved the acquisition, which is expected to close in the fourth quarter. It still needs approval from Maidenform shareholders. Hanesbrands shares finished at $53.36 on Tuesday.
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