Timberland, Wrangler clothing firm VF Corp acquires family-owned workwear group for US$820mln
Last updated: 08:37 14 Aug 2017 EDT, First published: 03:37 14 Aug 2017 EDT
VF Corp. (NYSE:VFC) has announced the around US$820mln acquisition of Williamson-Dickie Mfg. Co., a family-owned workwear company.
The acquisition, which will create a company with about US$1.7bn in annual revenue, adds Williamson-Dickie’s brands, including Dickies and Kodiak, to VF Corp’s clothing portfolio, which includes Wrangler, Timberland and The North Face.
Wiliamson-Dickie generated about US$875mln in revenue in the last 12 months.
VF Corp said it expects the deal to be immediately earnings enhancing, and raised its current year forecasts as a result.
The NYSE-listed firm said its earnings per share are now expected to be US$2.96 for 2017, up from previous guidance of US$2.94, while 2017 revenue is expected to total US$11.85bn, up from US$11.65bn previously.
In pre-market NewYork, trading, VF Corp. shares were 0.7% higher at US$62.00.
