VF Corp to buy Dickies workwear maker for $820 million

Apparel and footwear maker VF Corp said on Monday it would buy privately held Williamson-Dickie Mfg. Co, the owner of Dickies and Workrite workwear, for about $820 million in cash.

VF said it now expects its 2017 revenue to rise 3.5 percent to $11.85 billion, which includes about $200 million from Williamson-Dickie.

VF, the maker of Timberland and Wrangler clothing, said it also expects the acquisition to add 2 cents to its current-year earnings forecast of $2.94 per share.

Williamson-Dickie is expected to add more than $1 billion of revenue to VF by 2021. The deal is expected to close early in the fourth quarter. Barclays was VF's financial adviser on the deal and Davis Polk and Wardwell LLP its legal adviser.