GLOBAL
VF Corporation, a global leader in branded lifestyle apparel, footwear and accessories, and Williamson-Dickie Mfg. Co., a family-owned, private global workwear company, jointly announced on 14 August that they have signed a definitive merger agreement.
The transaction is expected to be completed early in the fourth quarter of this year, and VF will pay Williamson-Dickie shareholders approximately $820 million in cash.
On a trailing 12-month basis, Williamson-Dickie generated approximately $875 million of revenue.
Well-known Williamson-Dickie brands include: Dickies, Workrite, Kodiak, Terra, and Walls. These brands will join VF’s current workwear offerings including: Wrangler Riggs Workwear, Timberland Pro, Red Kap, Bulwark, and Horace Small.
Upon completion, Williamson-Dickie will become part of VF’s Imagewear coalition. Philip Williamson, CEO of Williamson-Dickie will remain with the company, headquartered in Fort Worth, Texas.
“For nearly a century we’ve worked hard to judiciously grow our company and portfolio of strong brands to maintain our leadership in the global workwear marketplace,” said Williamson. “We expect that under VF’s leadership, we’ll be able to experience the next wave of growth and better meet the needs of workers everywhere.”
Steve Rendle, president and CEO of VF said the acquisition combines two great companies and a group of iconic brands to create a global leader in workwear with approximately $1.7 billion in annual revenue. “When we introduced our 2021 global business strategy earlier this year, reshaping our portfolio to accelerate growth was our highest priority,” he added.
“The acquisition of Williamson-Dickie is another meaningful step that delivers on that commitment and further demonstrates our focus on being an active portfolio manager to drive transformative growth for VF and value creation for our shareholders.”
