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Share Name | Share Symbol | Market | Type |
---|---|---|---|
VF Corporation | NYSE:VFC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.095 | -0.73% | 12.945 | 13.03 | 12.85 | 12.90 | 697,075 | 15:58:46 |
By Cara Lombardo
VF Corp., the owner of clothing brands such as The North Face and Timberland, said Monday it has reached a deal to buy Williamson-Dickie Manufacturing Co. for $820 million in cash, in a deal it says will double its presence in the workwear-apparel market.
Williamson-Dickie, a private company best-known for Dickies scrubs and Walls outdoor coveralls, generated $875 million in revenue in the last 12 months. VF Chief Executive Steve Rendle said the acquisition, expected to close in the fourth quarter, will create a company with about $1.7 billion in annual revenue.
VF, whose apparel and accessories offerings range from Nautica sportswear to SmartWool socks, has been tweaking its portfolio in recent months, shedding a group of luxury brands and a licensed sportswear company.
Chief Financial Officer Scott Roe said on a conference call Monday to expect more changes to the company's portfolio.
"We're not finished," he said. "Stay tuned."
Analysts expect continued momentum in career apparel, which VF estimates to be a $30 billion a year industry, as the U.S. job market expands. Williamson-Dickie's large peers in the industry include Carhartt brand parent Carhartt Inc. and Duluth Trading parent Duluth Holdings Inc.
VF said buying Williamson-Dickie will especially increase its sales for health-care and service apparel. Williamson-Dickie also operates manufacturing plants in Mexico and Honduras.
Williamson-Dickie has 400 retail stores and a presence in more than 100 countries, though 66% of its sales are in the U.S. Williamson-Dickie's Chief Executive Philip Williamson and its 7,000 employees are expected to remain with the combined company.
As a result of the Williamson-Dickie's deal, VF raised its forecast on annual revenue by $200 million to $11.85 billion and lifted its adjusted earnings guidance by 2 cents to $2.96 a share.
VF shares, up 18% this year, are up 2% to $62.83 in Monday trading. The stock is up 17.7% so far this year.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
August 14, 2017 12:23 ET (16:23 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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