Page 13 - Occupational Health & Safety, October 2017

ration, a leader in branded lifestyle apparel, footwear, and ac- cessories, is acquiring Williamson-Dickie Mfg. Co., a family- owned, private workwear company that is based in Fort Worth, Texas. The companies announced Aug. 14 they have signed a definitive merger agreement. VF said the acquisition creates a global leader in workwear, with 2021 revenue and earnings per share now expected to exceed $15 billion and $5, respectively, while Williamson-Dickie is expected to add more than $1 bil- lion of revenue by 2021. (The numbers exclude transaction and deal-related expenses, and the 2021 references are based on VF’s new fiscal year end, according to the VF news release.) It says the transaction is expected to be completed early in the fourth quarter of 2017, 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.
Williamson-Dickie brands include Dickies®, Workrite®, Kodiak®, Terra®, and Walls®, while VF’s workwear offerings include Wrangler® RIGGS Workwear®, Timberland PRO®, Red Kap®, Bulwark®, and Horace Small®. When the transaction has closed, Williamson-Dickie will become part of VF’s Imagewear coalition. Philip Williamson, CEO of Williamson-Dickie, will remain with the company.
“When we introduced our 2021 global business strategy ear- lier this year, reshaping our portfolio to accelerate growth was our highest priority,” said Steve Rendle, president and CEO of VF. “The acquisition of Williamson-Dickie is another meaningful step that delivers on that commitment and further demonstrates our fo- cus 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 lead- ership in the global workwear marketplace,” said Williamson. “To- day’s announcement is an authentic and natural next step as we look to combine the strengths of our two companies to create sig- nificant opportunities for our employees, vendors, retail partners, and ultimately our customers. We expect that under VF’s leader- ship, we’ll be able to experience the next wave of growth and better meet the needs of workers everywhere.”
■ Driving Dynamics Inc., which provides driving safety train- ing for fleets, announced a strategic alliance agreement with Ele- ment Fleet Management. Under the agreement, Driving Dynam- ics now operates the Center for Transportation Safety LLC, which provides safety training for drivers of all classes of vehicles.
Under the alliance, Driving Dynamics can contine to offer El- ement customers access to CTS training, and Element can offer them a broader set of behind-the-wheel training programs with twice as many training locations.
With the move, Tony Vinciguerra joined Driving Dynamics’ leadership team and was named its new chief operating officer. He was general manager of CTS for the past seven years.
“We are thrilled to welcome CTS into Driving Dynamics. It was a natural fit and represents an exciting step forward for our business. The move illustrates our confidence in the future of the fleet safety industry and provides us with the added scale to ac- celerate our plans for expansion,” said Art Liggio, president and CEO of Driving Dynamics (www.drivingdynamics.com), which has its headquarters in Newark, Del.
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