VF Corporation Enters Into Definitive Agreement to Sell Its Contemporary Brands Businesses to Delta Galil Industries, Ltd.
June 30 2016 - 1:04AM
Business Wire
Brands Include 7 for All Mankind®, Splendid®
and Ella Moss®
VF Corporation (NYSE: VFC) today announced that it has signed a
definitive agreement to sell its Contemporary Brands businesses to
Delta Galil Industries, Ltd (DELT/Tel Aviv Stock Exchange,
DELTY.PK/OTCQX). Brands included in the transaction are 7 for All
Mankind®, Splendid® and Ella Moss®.
Commenting on the transaction, VF’s Chairman and Chief Executive
Officer Eric Wiseman said, “We are pleased to have reached this
agreement. The brands included in this transaction are leaders in
their sectors, and have talented, passionate people who are
motivated by serving the marketplace with distinctive apparel
design and exceptional service.”
Wiseman continued, “Earlier this year we said that we are taking
a focused and proactive look at the composition of our business
portfolio to ensure that we are well positioned to maximize VF’s
growth and return to our shareholders. This announcement
illustrates that our work as active portfolio managers is
progressing.”
The transaction, which is expected to close in the third quarter
of this year, is subject to various regulatory approvals and other
customary closing conditions that must be accomplished in order for
a closing to occur. The selling price is $120 million, subject to
various working capital adjustments.
About VF
VF Corporation (NYSE: VFC) is a global leader in the design,
manufacture, marketing and distribution of branded lifestyle
apparel, footwear and accessories. The company’s highly diversified
portfolio of powerful brands spans numerous geographies, product
categories, consumer demographics and sales channels, giving VF a
unique industry position and the ability to create sustainable,
long-term growth for our customers and shareholders. The company’s
largest brands are The North Face®, Vans®, Timberland®,
Wrangler®, Lee® and Nautica®. For more information,
visit www.vfc.com.
About Delta Galil Industries
Delta Galil Industries is a global manufacturer and marketer of
branded and private label apparel products for men, women and
children. Since its inception in 1975, the Company has continually
strived to create products that follow a body-before-fabric
philosophy, placing equal emphasis on comfort, aesthetics and
quality. Delta Galil develops innovative seamless apparel including
bras, shapewear and socks; intimate apparel for women; extensive
lines of underwear for men; activewear, sleepwear and leisurewear.
For more information, visit www.deltagalil.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160629006589/en/
VF CorporationLance AllegaVP, Investor Relations & Strategic
Accounts336-424-6082orCraig HodgesSenior Director, Corporate
Communications336-424-5636orDelta Galil IndustriesNissim
Douek+972-54-5201178Nissim@unik.co.ilorU.S. Media ContactStacy
Berns/Melissa JaffinBerns Communications
Group+1-212-994-4660sberns@bcg-pr.com
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