VF Corporation 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 2 cents per share 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.
VF Corp.’s brands include Vans, The North Face, Timberland, Wrangler and Lee.
