USA: Kellwood Company To Acquire Dorby Frocks
Kellwood Company (NYSE: KWD) announced today the signing of a definitive agreement to acquire Dorby Frocks, Ltd, a New York-based maker of women's apparel with over $100m in sales, according to Hal J. Upbin, Kellwood chairman, president and chief executive officer.Founded in 1956, Dorby is a privately held company known for its value-oriented, high-quality branded and private label dresses and career apparel produced for mass merchants and chain stores. Dorby has two divisions - Dorby and Miss/Lady Dorby. The Dorby Division markets casual dress apparel for the junior market, while Miss/Lady Dorby caters to misses, petite and women's sizes."Dorby's excellent sourcing capabilities and solid mass market customer relationships are valuable additions to Kellwood, and its product offerings will expand our existing dress business," Upbin said. "Dorby also provides another avenue for growth in juniors, an area which we are continuing to build upon.""We look forward to integrating our business with Kellwood in this new endeavor. As our products and customer relationships enhance Kellwood's business, Dorby will benefit from Kellwood's economies of scale and commitment to excellence," said Richard Golden, Dorby chief executive officer.Dorby's current management team will remain after the acquisition has been completed. "Richard has spent his career building the Dorby business, and I am confident in his abilities as he continues to lead the company toward future growth," Upbin added.Kellwood will purchase the stock of Dorby with cash. The company expects the transaction to be completed in September.With over $2.2bn in annual sales, Kellwood Company (NYSE: KWD) is one of the leading US marketers of apparel and recreational camping products. For more about Kellwood, visit the company's website at
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