Gildan CEO Glenn Chamandy in Montreal in May, 2024. Gildan will double its annual revenue by taking over HanesBrands.

Canadian clothing maker Gildan Activewear Inc. GIL-T has finalized its US$2.2-billion takeover of HanesBrands Inc. HBI-N , launching what its chief executive says will be a new era of growth for the two former competitors. Among the first opportunities: better underwear. –

The deal, first announced in August, combines two of the world’s biggest producers of basic apparel. Montreal-based Gildan is perhaps best known as a maker of blank, customizable T-shirts and fleece sweatshirts for wholesalers, while U.S.-based Hanes has built its name over a century in underwear and undershirts sold in stores.

Gildan will double its annual revenue by taking over HanesBrands and ap

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