VF Corp completes acquisition of Altra
The Greensboro, North Carolina-based lifestyle and apparel company first announced its intention to purchase Altra brand from Icon Health & Fitness Inc. in March. Terms of the agreement were not announced.
As a result of the transaction, the brand has become a wholly owned subsidiary of VF Corp. The addition of the brand to VF’s portfolio is expected to be immediately accretive to earnings per share, said VF Corp, in a statement.
At the time of announcement earlier in the year, Steve Rendle, Chairman, President and Chief Executive Officer of VF Corporation said: “The active outdoor and performance sector is a large and attractive growth space," adding that, "Altra brings to VF a unique and differentiated technical footwear brand and a capability that when applied across VF’s outdoor footwear, direct-to-consumer and international platforms will serve as a catalyst for growth.”
The completion of the acquisition is the latest in a series of moves undertaken by VF Corp to reorganise its brand portfolio and maximise the group’s growth potential.
In the same month, the company announced that it had signed deals to sell Nautica to Authentic Brands Group and concluded the acquisition of New Zealand merino wool performance brand Icebreaker
Altra was launched in 2011 by Icon and makes road, trail and lifestyle footwear. It is sold in 55 countries at more than 1,600 locations and online, and reported revenue of $50 million over the previous 12 month period.
VF Corp. owns and operates brands Vans, The North Face, Timberland, Wrangler and Lee
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