Tuesday, January 19States Top Leading News (STL.News)

Business News: VF Corporation Announces Public Filing of Form 10 Registration Statement for Planned Separation of Kontoor Brands, Inc., Availability of Investor Presentation

GREENSBORO, NC (STL.News) – VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and accessories, today announced the public filing of a Form 10 Registration Statement with the U.S. Securities and Exchange Commission in connection with the previously announced separation of VF’s Jeanswear organization into an independent, publicly traded company.  The new company, named Kontoor Brands, Inc., will include the Wrangler®, Lee® and Rock & Republic® brands, and the VF Outlet business.

The filing provides detailed information on Kontoor Brands’ business, strategy and historical financial results.

“Our teams across VF have made tremendous progress to prepare for the successful separation of Kontoor Brands from VF and this filing is a significant next step in this process,” said Steve Rendle, Chairman, President and CEO of VF Corporation.  “We are highly confident that the separation is the best path forward for both organizations to achieve even greater potential and enhance long-term shareholder value.”

The separation is on track to be completed in May of 2019, subject to final approval by VF’s Board of Directors, customary regulatory approvals, and tax and legal considerations.

“Today’s filing marks an important milestone in the process of establishing Kontoor Brands as an independent company,” said Scott Baxter, named CEO of Kontoor Brands. “As we prepare for life as a separate, publicly traded organization, I am confident that Kontoor Brands is strongly positioned to thrive as a leader in the global apparel industry and deliver long-term value for all of our stakeholders.”

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