VF Corporation, a US-based apparel and footwear company, has signed a US $ 820 million merger deal with workwear manufacturer Williamson-Dickie Mfg. Co. The acquisition process is expected to close in the fourth quarter of this year.
“The acquisition of Williamson-Dickie is another meaningful step that delivers on that commitment and further demonstrates our focus on being an active portfolio manager to drive transformative growth for VF and value creation for our shareholders,” commented Steve Rendle, President and Chief Executive Officer (CEO) of VF Corporation.
Famous workwear brands such as Dickies, Workrite, Kodiak, Terra and Walls offered by Williamson-Dickie will now join the league of VF’s current workwear labels such as RIGGS Workwear, Timberland PRO, Red Kap, Bulwark, and Horace Small.
Steve added, “This deal has brought close association between two established companies and a group of iconic brands which will ultimately result in the creation of a worldwide leader in workwear with approximately US $ 1.7 billion in yearly income.”
Post-acquisition, Philip Williamson, CEO of Williamson-Dickie will continue to be associated with the company in his role.
In another development, VF has raised its full year 2017 financial outlook. The apparel giant expects its revenue to increase by 3.5 per cent to reach US $ 11.85 billion.
