Greensboro, N.C. -- Apparel giant VP Corp. announced that it has completed its previously-announced acquisition of The Timberland Company in a deal valued at $2.3 billion.
Timberland will become part of VF's Outdoor & Action Sports Coalition, which includes The North Face. The formerly family-held company will remain headquartered in Stratham, N.H.
"Today marks the beginning of a very exciting chapter for Timberland," said Jeff Swartz, former Timberland president and CEO. "I am confident that while our ownership structure has changed, what makes Timberland unique and special will not. VF has an enviable track record of allowing its brands to execute their distinct strategic visions. “
In a release, VF said Swartz is leaving Timberland to pursue other interests. Appointed president and CEO in 1998, he has developed a reputation as one of the industry’s leading advocates of corporate social responsibility and sustainability. Swartz’s grandfather, Nathan Swartz, founded the company in 1953.
Patrik Frisk, president, VF Outdoor & Action Sports’ Europe, Middle East and Africa regions, has been named president of Timberland. He will serve as the global leader for the Timberland brand.
In addition to Swartz, two other executives are leaving the company. Carrie Teffner, VP and CFO, and Danette Wineberg, VP general counsel and secretary, are both leaving in September.