VF Corp., Greensboro, N.C., and Williamson-Dickie Mfg. Co., Fort Worth, Texas, have signed a definitive merger agreement. VF will pay Williamson-Dickie shareholders approximately $820 million in cash, and the deal is expected to be completed during the fourth quarter of 2017. Upon closing, Williamson-Dickie will become part of VF’s Imagewear coalition, and its Dickies®, Workrite®, Kodiak®, Terra® and Walls® brands will join VF’s workwear brands portfolio. Philip Williamson, Williamson-Dickie CEO, will remain with the company.
“When we introduced our 2021 global business strategy earlier this year, reshaping our portfolio to accelerate growth was our highest priority,” said Steve Rendle, president and CEO, VF. “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.
“This 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,” Rendle added.