Greensboro-based apparel company VF Corporation is spending big bucks on some big brands.
The company is buying Williamson-Dickie, best known for its line of work clothing—including Dickies and Kodiak—for $820 million in cash.
Once the deal closes, that means VF Corporation will have roughly a dozen workwear brands to go along with its other lines of clothing, shoes and accessories.
The company says the acquisition has raised its financial outlook for 2017 and beyond, with overall revenue adjusted upward. It also says it expects the new brands will generate about a billion dollars by 2021.
Leaders at VF say the goal of the acquisition is continued augmentation of the brands under its name
“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 Chief Executive Officer of VF.
The Triad firm is one of the largest apparel companies in the world, and the deal with Williamson-Dickie will bring about 7,000 employees into the fold.
The deal is expected to close later this year.