Local Steamboat company Smartwool, owned by Timberland, get acquired by VFC.
Real estate sales are closely tied to the job market. One of the major employers in Steamboat Springs in a wonderful wool apparel company Smartwool. Their roots and firmly planted in Steamboat and are an important part of the community and job source employing upwards of 65 people in Steamboat Springs. A few years ago Smartwool was acquired by The Timberland company. A seamless transition to local Steamboat residences, Smartwool continues to grow and become one of the industry leader in wool blended active clothing.
-This morning, VFC acquired The Timberland Company and Smartwool. VFC is a $7 billion-plus apparel powerhouse with such brands like, The NorthFace, Wrangler, Lee, Jansport, Vans, to name a few. Here’s some specifics on the deal:
– Transformative Acquisition Will Create $10B Global Apparel & Footwear Powerhouse
– Addition of Timberland(R) and Smartwool(R) Brands Will Boost VF’s Outdoor & Action Sports Business to 50% of Total Revenues
– Will Provide Significant EPS Accretion in 2011 and 2012
– Acquisition was for $43 dollars per share ‘
Timberland stock sores on the news up 40%.
This is pretty huge acquisition and for the local company Smartwool. How it will affect our local economy has yet to be seen. All I can say is when The Timberland company acquired Smartwool there was in positive influence and the local company has been flourishing.
I don’t suspect Smartwool will change much with this acquisition and they will continue to be a large part of employment here in Routt County and a positive influence on our community.
—For more information on buying real estate or questions regarding Steamboat Springs real estate or renting a home in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: firstname.lastname@example.org.