After announcing a definitive merger agreement in August this year, VF Corporation has said that it has completed the acquisition of Williamson-Dickie Mfg. Co., a familyowned, private workwear company, for 820 million dollars in cash, adjusted for closing and working capital changes.
For 2017, VF expects Williamson-Dickie to contribute approximately 200 million dollars of revenue and approximately 0.02 dollar 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 dollars of revenue, which will accelerate VF’s revenue to over 15 billion dollars and earnings per share to more than 5 dollars.
The company added that 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 dollars in annual revenue.