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VF Announces Definitive Agreement to Acquire Williamson-Dickie Mfg. Co.

Williamson DickieGREENSBORO, NORTH CAROLINA – VF Corporation, a global leader in branded lifestyle apparel, footwear and accessories, and Williamson-Dickie Mfg. Co., a family-owned, private global workwear company, today jointly announced that they have signed a definitive merger agreement.

The transaction is expected to be completed early in the fourth quarter of this year, and VF will pay Williamson-Dickie shareholders approximately $820 million in cash. On a trailing 12-month basis, Williamson-Dickie generated approximately $875 million of revenue.

VFWell-known Williamson-Dickie brands include: Dickies®, Workrite®, Kodiak®, Terra®, and Walls®. These brands will join VF's current workwear offerings including:  Wrangler® RIGGS Workwear®Timberland PRO®Red Kap®Bulwark®and Horace Small®. Upon closing, Williamson-Dickie will become part of VF's Imagewear coalition. Philip Williamson, Chief Executive Officer of Williamson-Dickie will remain with the company, headquartered in Fort Worth, Texas.

"When we introduced our 2021 global business strategy earlier this year, reshaping our portfolio to accelerate growth was our highest priority," said Steve Rendle, President and Chief Executive Officer of VF. "The acquisition of Williamson-Dickie is another meaningful step that delivers on that commitment and further demonstrates our focus on being an active portfolio manager to drive transformative growth for VF and value creation for our shareholders."

"For nearly a century we've worked hard to judiciously grow our company and portfolio of strong brands to maintain our leadership in the global workwear marketplace," said Philip Williamson. "Today's announcement is an authentic and natural next step as we look to combine the strengths of our two companies to create significant opportunities for our employees, vendors, retail partners and ultimately our customers. We expect that under VF's leadership, we'll be able to experience the next wave of growth and better meet the needs of workers everywhere."

"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 continued. "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 while providing a platform for growth that ensures continued success for another century. We look forward to welcoming Williamson-Dickie and its 7,000 dedicated employees to the VF family."

About VF

VF Corporation outfits consumers around the world with its diverse portfolio of iconic lifestyle brands, including Vans®, The North Face®Timberland®, Wrangler®and Lee®. Founded in 1899, VF is one of the world's largest apparel, footwear and accessories companies with socially and environmentally responsible operations spanning numerous geographies, product categories and distribution channels. VF is committed to delivering innovative products to consumers and creating long-term value for its customers and shareholders. For more information, visit www.vfc.com.

About Williamson-Dickie Mfg. Co.

Williamson-Dickie Mfg. Co. is the world's leading provider of professional grade performance workwear - designing, manufacturing and delivering innovative work apparel for generations. Based in Fort Worth, Texas, the company's collection of brands offers superior quality products at an unmatched value across an assortment of apparel, footwear and accessories in more than 100 countries, spanning six continents. Williamson-Dickie employs over 7,000 individuals worldwide and its products are sold through a network of owned retail stores, franchisees, volume retailers, department stores, independent stores and online sites under the Dickies®, Workrite®, Kodiak®, Terra®, Walls®, Big Smith®, Liberty®and Duxbak® brands. For more information, visit WilliamsonDickie.com.

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