VF separation to be completed on May 22 - sportstextiles: Lea SportsTextiles

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VF separation to be completed on May 22

03/05/2019
Footwear and apparel group VF Corporation has announced that its board of directors has approved the separation of its jeanswear business into an independent, publicly traded company. 

As previously announced, this new entity will be known as Kontoor Brands. It will include the Wrangler, Lee and Rock & Republic brands, as well as the VF outlet business.

VF has said separation will be achieved through the distribution of 100% of the shares of Kontoor Brands to holders of VF common stock. This is expected to be completed after the market close of May 22. VF shareholders will receive one share of the new company’s common stock for every seven shares of VF common stock they held at the close of business on May 10. 

Kontoor Brands has also received approval for the listing of its common stock on the New York Stock Exchange.

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