The Globe and Mail reports in its Friday, Feb. 27, edition that Gildan Activewear expects to achieve greater cost savings from its takeover of Hanesbrands. The Globe's Nicolas Van Praet writes that Gildan said Thursday that the integration is "well under way and progressing ahead of plan." It now expects to generate annual run-rate cost synergies of about $250-million (U.S.) over the next three years, up from an initial estimate of $200-million (U.S.). The takeover combines two of the world's biggest producers of basic apparel and doubles Gildan's scale. Gildan chief executive officer Glenn Chamandy is not wasting time in making changes in a bid to build a better clothing manufacturer. He is closing Hanesbrands' two textile factories and shifting output into Gildan's existing facilities, which are expanding. As well, he has hired Morgan Stanley to seek buyers for Hanesbrands' Australian unit. Proceeds from the sale will be used to pay down debt, Gildan said. The business will generate net sales of about $675-million (U.S.) and earnings per share of 21 U.S. cents this year. The sale is part of a broader effort by Gildan to streamline Hanesbrands and invest in the products it thinks resonate best with shoppers.