VF Corporation to buy Williamson-Dickie Mfg for $820m

VF Corporation to buy Williamson-Dickie Mfg for $820m

During the recent 12 months, Williamson-Dickie's revenue was about $875 million, the news release stated.

Williamson-Dickie, originally known as the U.S. Overall Company before being bought by EE "Colonel" Dickie and Charles Williamson and rebranded in 1922, will remain headquartered in Fort Worth.

The transaction is expected to be completed early in the fourth quarter, and will create what the Greensboro, North Carolina based business says will be a global leader in workwear with a group of iconic brands and around $1.7bn in annual revenue.

Dickies brands Dickies, Workrite, Kodiak, Terra and Walls will join VF's current work-wear offerings including: Wrangler, RIGGS Workwear, Timberland PRO, Red Kap, Bulwark and Horace Small.

Fort Worth, Texas-based Williamson-Dickie has been a leader in the workwear business for nearly 100 years and has annual sales of $875 million.

However, before Monday's announcement, the company had more recent activity selling divisions - Contemporary Brands unit on August 26 and Licensed Sports Group on April 28 - than acquisitions.

The firm also raised its 2021 targets: revenue is now expected to grow at a five-year compounded annual growth rate (CAGR) between 5 percent and 7 percent to more than $15 billion, versus the previous expectation of a 4 percent to 6 percent five-year CAGR - including Williamson-Dickie's expected $1 billion-plus contribution.

"We remain committed to ongoing and active portfolio management, and we will continue to make transformational moves and evolve VF as we have done many times throughout our history", he said.

"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", adds Philip Williamson.

The deal also is likely to ease, at least in the short term of ownership of Williamson-Dickie revenue, analyst and investor pressure on what had become flattish revenue performance.

VF is not alone in adjusting to a retail marketplace putting more emphasis on online sales and decreasing traffic in brick-and-mortar stores. Buying Williamson-Dickie is a "meaningful step" toward that goal, he said.

"Strategically, Williamson-Dickie brings VF exposure to the healthcare and service segments of the workwear market, as well as lifestyle opportunities".

In pre-market NewYork, trading, VF Corp. shares were 0.7% higher at US$62.00.

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