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The merger was approved by Vans stockholders yesterday.
As a result of the merger, Vans has become a wholly-owned subsidiary of VF and each outstanding share of Vans common stock has been converted into the right to receive $20.55 in cash from VF.
VF expects the addition of Vans to add approximately $200m to sales and be neutral to earnings in 2004.
"This is a tremendously exciting day for both VF and Vans," said Mike Egeck, president of VF Outdoor – North America.
"The addition of Vans to our rapidly expanding Outdoor portfolio provides us with an authentic action sports lifestyle brand, a brand with global reach and excellent additional growth opportunities. We expect Vans’ sales to reach $500 million within the next three to five years based on the execution of these initiatives and continued strong growth in the core wholesale and retail businesses."
Steve Murray has been named president of Vans, reporting to Egeck.
Murray, who has been with Vans since 1998, has been serving as Chief Marketing Officer and Senior Vice President International. Gary Schoenfeld has resigned as President and CEO of Vans and has entered into discussions with VF regarding consulting projects. ith the exception of Schoenfeld, Vans’ current executive team will remain intact.
