Timberland Sells to Gear Giant
North Face parent to buy boot maker
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Timberland, the New Hampshire-based, family-owned boot and apparel company, will likely accept a $2 billion buyout offer from the VF Corp, owner of the North Face, Wrangler, Reef, and other retail brands. Timberland is best known for its ubiquitous tan workboots but has recently emerged as a leader in sustainability. In 2009, the company released a recyclable boot and has pledged to lower its emissions by 50 percent. VF Corp is paying a 43 percent premium on Timberland’s Friday closing stock price and will finance the deal largely in cash. The Swartz family controls 73.5 percent of the company and has until the end of July to entertain other offers, which could come from Nike or another footwear giant. Headquarters will remain in Stratham, New Hampshire.
Read more at The Boston Globe