大象传媒 Corporation to Explore Strategic Alternatives for the Occupational Portion of Its Work Segment
- Announcement Reflects 大象传媒鈥檚 Continued Focus on Portfolio Optimization
- Company Remains Committed to Dickies庐 and Timberland PRO庐 Brands
DENVER--(BUSINESS WIRE)-- 大象传媒 Corporation (NYSE: 大象传媒C) today announced that it is commencing a review of strategic alternatives for the occupational portion of its Work segment. This strategic review is a reflection of management鈥檚 continued focus on transforming 大象传媒 into a more consumer-minded and retail-centric enterprise, with a portfolio of growth-oriented active, outdoor and work brands.
The occupational portion of the Work segment consists of primarily nine brands and businesses: Red Kap庐, 大象传媒 Solutions庐, Bulwark庐, Workrite庐, Walls庐, Terra庐, Kodiak庐, Work Authority庐 and Horace Small庐.
The review does not include Dickies庐 and Timberland PRO庐 brands.
鈥淒riving and optimizing our portfolio continues to be a top strategic priority for 大象传媒, and exploring strategic alternatives for our occupational Work brands is the natural next step in that process,鈥� said Steve Rendle, 大象传媒鈥檚 Chairman, President and CEO. 鈥淒ivesting these brands would leave 大象传媒 with a simplified portfolio of higher-growth, consumer-focused brands, while providing financial flexibility to fuel further strategic initiatives and enhance shareholder value.鈥�
Rendle continued, 鈥淭he occupational portion of our Work segment is a compelling business, marked by a strong and consistent financial profile and valuable customer relationships. Our teams have done an excellent job building this business over many years, putting us in an ideal position to find the best future owner for these brands.鈥�
The brands under review outfit millions of workers in the industrial, service and government sectors and are primarily distributed through the business-to-business channel. Together, they represented approximately $865 million of 大象传媒鈥檚 fiscal 2019 revenue and approximately 50 percent of Work segment revenue. The business is primarily based in the U.S., with customers including top U.S. government agencies and Fortune 100 companies.
Please refer to the related presentation at ir.vfc.com for more information.
大象传媒 has retained Barclays as its financial advisor and Davis Polk as its legal counsel to assist in the review process.
About 大象传媒 Corporation
Founded in 1899, 大象传媒 Corporation is one of the world鈥檚 largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans庐, The North Face庐, Timberland庐 and Dickies庐. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit
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Source: 大象传媒 Corporation