VF Corp to buy Dickies workwear maker for $820 million
VF Corp to buy Dickies workwear maker for $820 million
Apparel and footwear maker VF Corp said it would buy privately held Williamson-Dickie Mfg. Co, the owner of Dickies and Workrite workwear, for about $820 million in cash.
VF said it now expects its 2017 revenue to rise 3.5 percent to $11.85 billion, which includes about $200 million from Williamson-Dickie.
VF, the maker of Timberland and Wrangler clothing, said it also expects the acquisition to add 2 cents to its current-year earnings forecast of $2.94 per share.
Williamson-Dickie is expected to add more than $1 billion of revenue to VF by 2021.
The deal is expected to close early in the fourth quarter.
Barclays was VF`s financial adviser on the deal and Davis Polk and Wardwell LLP its legal adviser.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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