VF Corp. (VFC) Completes $2.3B Acquisition of Timberland; Announces New Mangement Structure for the Unit
Tweet
Share
E-mailGet Alerts VFC Hot Sheet
Price: $14.37 +3.01%
Financial Fact:
Miscellaneous, net: -1.1M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Miscellaneous, net: -1.1M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Join SI Premium – FREE
VF Corporation (NYSE: VFC), has completed its previously announced acquisition of The Timberland Company for $43 per share and a total consideration of $2.3 billion.
The Timberland acquisition is expected to be immediately accretive to VF's earnings per share, by approximately $.45 in 2011, excluding acquisition related expenses. Inclusive of these expenses, the earnings accretion would be about $.25 per share. It is also expected to add about $700 million to VF’s 2011 revenues.
VF also announced a new leadership structure:
Patrik Frisk, 48, who has been serving since 2009 as President, VF Outdoor & Action Sports EMEA, has been named President of Timberland. He will report to Steve Rendle, Group President, VF Outdoor & Action Sports Americas. In his new role, Patrik will serve as the global leader for the Timberland® brand, working in partnership with international leaders across both Europe and Asia to deliver the brand’s full growth potential. He will be relocating to the Stratham area in the near future.
Richard O’Rourke, 58, will continue as Senior Vice President, International, with responsibility for the Timberland® brand in the EMEA and Asia and for global distributors. O’Rourke will continue to be based in Wexham, U.K., and will report to Karl Heinz Salzburger, Group President, VF International.
Mark Satkiewcz, 43, will continue to lead Smartwool as President of Smartwool Americas, and remain in Steamboat Springs. He will also report to Rendle.
Each of these leaders will be supported by strong teams of well-established leaders within the Timberland and Smartwool organizations.
Additionally, Carden Welsh, Senior Vice President & Chief Administrative Officer and a member of Timberland’s Board of Directors, who has provided critical insight and strategic direction to the company for the past four years, has agreed to stay through December. He will serve as an Executive Advisor to both Rendle and Frisk.
Jeff Swartz is leaving Timberland to pursue other interests. In addition to Swartz, there are two other departures from the company. Carrie Teffner, Vice President and Chief Financial Officer, who has been with Timberland since 2009, will leave the company in September. Danette Wineberg, Vice President, General Counsel and Secretary, is also departing this month, following a 14-year career with the company.
The Timberland acquisition is expected to be immediately accretive to VF's earnings per share, by approximately $.45 in 2011, excluding acquisition related expenses. Inclusive of these expenses, the earnings accretion would be about $.25 per share. It is also expected to add about $700 million to VF’s 2011 revenues.
VF also announced a new leadership structure:
Patrik Frisk, 48, who has been serving since 2009 as President, VF Outdoor & Action Sports EMEA, has been named President of Timberland. He will report to Steve Rendle, Group President, VF Outdoor & Action Sports Americas. In his new role, Patrik will serve as the global leader for the Timberland® brand, working in partnership with international leaders across both Europe and Asia to deliver the brand’s full growth potential. He will be relocating to the Stratham area in the near future.
Richard O’Rourke, 58, will continue as Senior Vice President, International, with responsibility for the Timberland® brand in the EMEA and Asia and for global distributors. O’Rourke will continue to be based in Wexham, U.K., and will report to Karl Heinz Salzburger, Group President, VF International.
Mark Satkiewcz, 43, will continue to lead Smartwool as President of Smartwool Americas, and remain in Steamboat Springs. He will also report to Rendle.
Each of these leaders will be supported by strong teams of well-established leaders within the Timberland and Smartwool organizations.
Additionally, Carden Welsh, Senior Vice President & Chief Administrative Officer and a member of Timberland’s Board of Directors, who has provided critical insight and strategic direction to the company for the past four years, has agreed to stay through December. He will serve as an Executive Advisor to both Rendle and Frisk.
Jeff Swartz is leaving Timberland to pursue other interests. In addition to Swartz, there are two other departures from the company. Carrie Teffner, Vice President and Chief Financial Officer, who has been with Timberland since 2009, will leave the company in September. Danette Wineberg, Vice President, General Counsel and Secretary, is also departing this month, following a 14-year career with the company.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
- Bernstein remains bullish on SpaceX but sees challenges in telecom ambitions
- Real and RE/MAX Holdings receive court approval for merger
Create E-mail Alert Related Categories
Corporate News, Guidance, Management Changes, Mergers and AcquisitionsRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
