VF Climbs Most Since 2008 on $1.8 Billion Timberland Acquisition |
| BusinessWeek - Jun 13, 2011 |
VF Corp., the world’s largest apparel maker, climbed the most since 2008 in New York trading after agreeing to buy hiking-boot company Timberland Co. for about $1.8 billion.
The per-share price is $43, the companies said today. VF will pay about 12 times Timberland’s earnings before interest, taxes, depreciation and amortization, according to data compiled by Bloomberg. That compares with the 9.7 median multiple in nine shoe and clothing deals since 2006.
The acquisition, the biggest in the footwear industry in at least five years, will push VF’s sales of outdoor and sports gear to more than half the total, which reached $7.7 billion last year. The maker of Wrangler jeans plans to cut costs at Timberland and boost the brand’s revenue by 10 percent annually by expanding in Europe and China, executives said on a conference call today.
Read Full Article from BusinessWeek
- Posted: 2011-06-13 14:37:59
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
