FORT WORTH, Texas _ Williamson-Dickie, the family-owned workwear company founded in Fort Worth nearly 100 years ago, is being sold to VF Corporation, an apparel manufacturer based in Greensboro, N.C., for $820 million.
VF, which owns top brands including Vans, North Face, Timberland and Wrangler, will pay Williamson shareholders cash for the company, which produces the Dickies, Walls and Kodiak brands. The company, founded in 1922, has more than 1,000 local employees at its Fort Worth headquarters and a distribution center. The company employs 7,000 people worldwide.
The companies expect the merger to be completed in the fourth quarter. Philip Williamson, the company's chairman and CEO, will stay on to lead the company in Fort Worth following the merger, officials said.
"Over the years, many companies were kind of knocking on our doors expressing interest in acquiring Williamson-Dickie and our portfolio of brands. None of those companies were the right fit for us for many reasons. VF has proven themselves to be a different story," Williamson said Monday on the conference call following the merger announcement.
"Our two companies fit together naturally, because they embrace and represent the same values, standards and commitment to quality," he said. "We believe that by combining our brands into VF's portfolio and leveraging each other strengths will unlock many new exciting opportunities in months and years ahead."
According to the company website, Williamson-Dickie was founded when C.N. Williamson and E.E. "Colonel" Dickie bought a company called U.S. Overall. The pair added khaki pants and children's playsuits to the product line and began to expand.
During World War II, Williamson-Dickie made U.S. military uniforms and in the 1950s its Dickies workwear expanded to oil fields in the Middle East. Today, its products are sold in more than 100 countries.
Steve Rendle, president and CEO of VF, said his company introduced a 2021 global business strategy earlier this year to reshape its portfolio to accelerate growth. The Williamson-Dickie delivers on that commitment.
"This acquisition combines two great companies and a group of iconic brands to create a global leader in workwear with approximately $1.7 billion in annual revenue," Rendle said in a prepared statement. "Williamson-Dickie has a proud history and heritage, and has served a loyal consumer base for nearly 100 years. VF is the ideal steward to honor that heritage."
