Canadian Company Confirms Installation of New Textile Plant in Guanacaste, Costa Rica - CINDE - WAFF-TV: News, Weather and Sports for Huntsville, AL

Canadian Company Confirms Installation of New Textile Plant in Guanacaste, Costa Rica - CINDE

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SOURCE Costa Rican Investment Promotion Agency

-- Gildan Activewear will make an investment in Costa Rica involving a modern textile manufacturing plant.

-- Company will create about 1000 new jobs in Guanacaste.

SAN JOSE, Costa Rica, May 2, 2014 /PRNewswire/ -- During its report to its shareholders for the second quarter of 2014, the Canadian company Gildan Activewear confirmed in Montreal, Canada, that its next investment will be made in Guanacaste, Costa Rica, involving a modern textile manufacturing plant.  The Costa Rican Coalition for Development Initiatives (CINDE based on its acronym in Spanish) has been working with the company for several months and stated its satisfaction with the confirmation of the new plant.

Gildan Activewear distributes its products in the United States and Canada, where it owns the leading brand in the industry. It is also one of the largest brands to provide sports, casual, and dress socks for a broad spectrum of retailers in the United States. Currently, it is developing itself as a brand to supply underwear and sportswear.  Gildan Activewear reported sales above US $2.2 billion in 2013 (growing 69% since 2009).

The company has more than 33,000 employees around the world in its plants located in countries such as Nicaragua, Honduras, the Dominican Republic and the United States.

Gildan Activewear indicated in its report that it chose Guanacaste, Costa Rica, because of its strategic location close to its other plants in Nicaragua, access to ports on the Costa Rican Pacific Ocean and the Caribbean Sea, and expeditious entry into the main markets in the United States thanks to the DR-CAFTA free trade agreement. It also cited the Free Trade Zone Regimen that Costa Rica has.

According to Gabriela Llobet, CINDE's General Director, "the operation that Gildan Activewear has decided to install in Costa Rica will make it possible to continue forming a solid network of plants in Central America, all the while that it diversifies and increases production capacities in the region and strengthens distribution of its products for the American and other markets around the world.  This is all thanks to the competitive export platform that Costa Rica offers.  We are very pleased since this plant will make it possible for Costa Rica to join a global value chain for the textile sector in a very sophisticated segment."

The investment announced by Gildan Activewear is very important for the country due to the level and type of investment that it represents and due to the large number of jobs that will be created in a second tier city outside the Greater Metropolitan Area of Costa Rica that has a huge need for jobs for its people. This project will continue to reaffirm that the country is highly competitive as a magnet for foreign direct investment in the manufacturing sectors.

CINDE provided support to the company starting with the analysis process that began in 2013.  This announcement was made within the framework of Gildan Activewear's quarterly shareholder report and after the meeting that it held last Monday, April 28, with the company's representatives; the Costa Rican President Elect, Luis Guillermo Solis; the Vice President Elect, Helio Fallas; the designated Minister of Foreign Trade, Alexander Mora; the President of CINDE, Jose Rossi; and the General Director of CINDE, Gabriela Llobet, along with other meeting attendees.

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