USA: VF Concludes Acquisition of H.I.S. Sportswear
VF Corporation (NYSE: VFC) announced today that it has acquired control of H.I.S. Sportswear AG. VF agreed to acquire the majority holdings of H.I.S. from Durango Apparel in August 2000 subject to the successful completion of a tender offer in Germany that would result in VF owning at least 75 per cent of the shares of H.I.S. Sportswear. VF has acquired approximately 84 per cent of the outstanding shares of H.I.S., including the shares tendered in the previously announced tender offer.H.I.S. branded jeans and casual pants for men and women are sold primarily through specialty and department stores in Europe. The H.I.S. brand is the leading women's jeans brand in Germany. The brand will be added to VF's European jeans unit, which also markets the Lee, Wrangler, Maverick and Old Axe brands.Said Terry Lay, vice president and chairman, VF's international jeanswear coalition: "The H.I.S. brand enjoys excellent brand awareness and visibility in Germany, one of our most important markets. We are pleased to add the H.I.S. brand to our growing portfolio."
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