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VF Corp. to buy Timberland
New York City -- Apparel giant VF Corp., whose brands include Wrangler, The North Face, and Nautica, said it has agreed to buy Timberland Co. for approximately $2 billion. The deal, expected to close in the third quarter, values Timberland at $43 a share, a 43% premium to Friday's closing price of $29.99 on the New York Stock Exchange.
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VF Corp. has big plans for the next five years
NEW YORK -- VF Corp., whose stable of banners includes Vans and The North Face, announced an aggressive growth, including plans to open 400 U.S. stores across its various brands during the next five years. The company discussed these plans and more at an investor conference held recently in New York City.
In addition to the U.S. expansion, VF is looking to open some 225 stores in Europe and 80 in Asia. The expansion is expected to bring the company’s global store count to 1,500 units.