Wrangler owners buy Timberland for $ 2 billion
US clothing and footwear manufacturers VF and Timberland have agreed to merge.
According to the official statement of the company VF, it will pay for Timberland at 43 dollars per share, or $ 2 billion for the whole company.
The merger will create a company with a capitalization of $ 10 billion.
The merger has already been approved by the boards of directors of both companies. For Timberland, it is profitable because of the amount of the transaction: now the company's shares on US exchanges are valued only at $ 30 apiece. The merger news raised stock prices to $ 42,7 in just a few hours.
The takeover of VF will increase sales of the Outdoor & Action Sports division. According to the company's plans, after the merger, this department will bring VF up to 50% of the revenue. In addition, VF intends to take advantage of Timberland's strong presence in Japan and strengthen its presence there.
VF is now specialized in the production of jeans and workwear. She, in particular, owns brands such as Wrangler, Lee Jeans, Vans, Eastpak, Napapijri, The North Face, 7 For All Mankind, John Varvatos and others - there are about 30 brands in the company's portfolio. The company's revenue in 2010 amounted to $ 7,6 billion. Timberland in 2011 expects to reach a turnover of $ 1,6 billion, of which almost half of sales will come from foreign markets for the American brand.
“Timberland is proud of its rich heritage and our reputation as a socially responsible and environmentally friendly company,” said CEO Jeffrey Schwartz, “and we are delighted to join the VF family of brands. She is known for her ability to develop national brands while preserving their unique culture. "
VF plans to increase Timberland revenue by 10% annually.
Growth will be provided due to 5 factors:
- the use of all VF resources in Europe: Asia and Latin America;
- The use of direct communications with consumers, including its own retail and rapidly growing e-business;
- increasing the share of clothing in the assortment;
- increasing the share of women's shoes and clothes in the total volume of production;
- reducing costs in the organization of the retail network.
The merger, which is scheduled to be completed in the third quarter of 2011, according to experts, will bring VF $ 700 million in additional profit, as well as increase shareholder income, from $ 25 per share in 2011 to $ 75 in 2012.
Timberland's headquarters will remain in Stratham (New Hampshire).
US clothing and footwear manufacturers VF and Timberland have agreed to merge.
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