VF Corporation has announced to acquire The Timberland Company for $43 per share, representing a total enterprise value of approximately $2 billion net of cash acquired.

“The Timberland brand is synonymous with high quality outdoor footwear and apparel,” said Eric Wiseman, Chaiman and CEO of VF Corporation. “We believe the unique rugged outdoor positioning of the Timberland brand will perfectly complement the premium, technical positioning of the North Face brand, while the Smartwool brand will provide us with a leadership position in a new category. This acquisition will continue the transformation of VF’s portfolio, propelling VF’s Outdoor & Action sports businesses to 50% of total revenues.”

Jeffrey Swartz, President and CEO of Timberland, commented: “Timberland is proud of its rich heritage, its track record of success and its reputation as a responsible and environmentally-conscious global citizen, all of which will be preserved and enhanced by becoming part of the VF family of brands. VF is known for its ability to acquire and grow authentic outdoor brands, while protecting a brand’s unique culture and DNA.”

The acquisition is expected to close in the third quarter, should add approximately $700 million to VF’s 2011 revenues. Timberland will become part of VF’s Outdoor & Action Sports portfolio with brands like the North Face, Vans, JanSport, Eastpak or Napapijri, and will remain headquartered in Stratham, New Hampshire. Timberland expects the 2011 revenues to be of $1.6 billion, over half of which are generated internationally.