Apparel and footwear maker VF Corp, whose brands include Vans, The North Face and Timberland, said on Monday that it is buying Williamson-Dickie Mfg. Co, the maker of Dickies and Workrite workwear, for $820 million USD in cash, according to Business Insider.
With this acquisition, the company’s sale is expected to raise VF’s 2017 revenue by 3.5 percent to $11.85 billion USD in annual earnings, which already includes about $200 million from Williamson-Dickie.
While the deal is expected to be completed soon, VF also expects the purchase to add 2 cents to its current-year earnings forecast of $2.94 per share, as Williamson-Dickie will reportedly add more than $1 billion of revenue to VF by 2021.
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- Source: Business Insider