VF Corporation Completes Acquisition of Williamson-Dickie Mfg. Co.
October 02 2017 - 5:30PM
Business Wire
VF Corporation (NYSE: VFC), a global leader in branded lifestyle
apparel, footwear and accessories, today announced that it has
completed its previously announced acquisition of Williamson-Dickie
Mfg. Co., a family-owned, private workwear company, for $820
million in cash, adjusted for closing and working capital changes.
As a result of the transaction, Williamson-Dickie has become a
wholly owned subsidiary of VF Corporation.
The acquisition combines Williamson-Dickie’s brands, including
Dickies®, Workrite®, Kodiak®, Terra®, and Walls® with VF’s current
workwear offerings, including Wrangler® RIGGS Workwear®, Timberland
PRO®, Red Kap®, Bulwark®, and Horace Small® to create a global
leader in workwear with approximately $1.7 billion in annual
revenue that will serve a broader set of consumers and industries
around the world.
For 2017, Williamson-Dickie is expected to contribute
approximately $200 million of revenue and approximately $0.02 to
VF’s earnings per share, excluding transaction and other
deal-related expenses. By 2021, Williamson-Dickie is expected to
contribute more than $1 billion of revenue, which will accelerate
VF’s revenue to over $15 billion and earnings per share to more
than $5.00.
About VF
VF Corporation (NYSE: VFC) outfits consumers around the world
with its diverse portfolio of iconic lifestyle brands, including
Vans®, The North Face®, Timberland®, Wrangler® and Lee®.
Founded in 1899, VF is one of the world’s largest apparel, footwear
and accessories companies with socially and environmentally
responsible operations spanning numerous geographies, product
categories and distribution channels. VF is committed to delivering
innovative products to consumers and creating long-term value for
its customers and shareholders. For more information,
visit www.vfc.com.
Forward-looking Statements
Certain statements included in this release and attachments are
“forward-looking statements” within the meaning of the federal
securities laws. Forward-looking statements are made based on our
expectations and beliefs concerning future events impacting VF and
therefore involve several risks and uncertainties. You can identify
these statements by the fact that they use words such as “will,”
“anticipate,” “estimate,” “expect,” “should,” and “may” and other
words and terms of similar meaning or use of future dates. We
caution that forward-looking statements are not guarantees and that
actual results could differ materially from those expressed or
implied in the forward-looking statements. Potential risks and
uncertainties that could cause the actual results of operations or
financial condition of VF to differ materially from those expressed
or implied by forward-looking statements in this release include,
but are not limited to: foreign currency fluctuations; the level of
consumer demand for apparel, footwear and accessories; disruption
to VF’s distribution system; VF’s reliance on a small number of
large customers; the financial strength of VF’s customers;
fluctuations in the price, availability and quality of raw
materials and contracted products; disruption and volatility in the
global capital and credit markets; VF’s response to changing
fashion trends, evolving consumer preferences and changing patterns
of consumer behavior, intense competition from online retailers,
manufacturing and product innovation; increasing pressure on
margins; VF’s ability to implement its business strategy; VF’s
ability to grow its international and direct-to-consumer
businesses; VF’s and its customers’ and vendors’ ability to
maintain the strength and security of information technology
systems; stability of VF’s manufacturing facilities and foreign
suppliers; continued use by VF’s suppliers of ethical business
practices; VF’s ability to accurately forecast demand for products;
continuity of members of VF’s management; VF’s ability to protect
trademarks and other intellectual property rights; possible
goodwill and other asset impairment; maintenance by VF’s licensees
and distributors of the value of VF’s brands; changes in tax
liabilities; legal, regulatory, political and economic risks; and
adverse or unexpected weather conditions. More information on
potential factors that could affect VF’s financial results is
included from time to time in VF’s public reports filed with the
Securities and Exchange Commission, including VF’s Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q.
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version on businesswire.com: http://www.businesswire.com/news/home/20171002006333/en/
VF CorporationJoe Alkire, 336-424-7711VP, Investor Relations and
Financial Planning & Analysisjoe_alkire@vfc.comorCraig Hodges,
336-424-5636Senior Director, Corporate
Communicationscraig_hodges@vfc.com
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