Israeli apparel manufacturer Delta Galil has revealed that it is negotiating an agreement to purchase the American jeanswear business of the Jones Group. The official proclamation comes after numerous reports appeared in American and Israeli media sources.

“Delta Galil estimates that the purchase price in the transaction will be an aggregate amount between $350 and $400 million,” the company wrote in a press release.

Although not known to most, Delta Galil supplies many of America’s favorite labels and undergarment name brands including Calvin Klein, Victoria’s Secret and Tommy Hilfiger. The company’s product range includes ready-to-wear, outerwear and intimate apparel.

The company has been in business since 1975.

The Jones Group, whose brands include Nine West, Anne Klein and others, said the talks will likely end within a month. According to reports, the company’s jeanswear division accounted for $817.9 million of Jones’ $3.3 billion in 2010 revenue.