WYOMISSING, Pa. -- VF Corp. said Tuesday it has completed acquisition of H.H. Cutler Co., a privately held manufacturer of children's wear, for $155 million.
Plans for the acquisition were first announced in October with the purchase price put at $160 million, including debt assumption of about $30 million. A VF spokeswoman said the lower price reflects less debt assumption.
The acquisition is a major move for VF in expanding its children's wear business, following its 1991 Healthtex buy. It also gives VF a firm foothold in licensed apparel and increases its presence in the mass merchandising distribution channel, said Lawrence R. Pugh, VF chairman and chief executive officer.
Cutler, based in Grand Rapids, Mich., had 1993 revenues of about $210 million. It sells licensed branded children's wear primarily through mass merchants.
Cutler is the largest children's wear licensee of Walt Disney products, VF noted, and an exclusive licensee for Fisher-Price kid's wear in the U.S. Its sports licenses include the National Football League, Major League Baseball, the National Basketball Association and the National Hockey League.
Pugh added that VF's pending acquisition of Nutmeg Industries will further strengthen VF's position in both licensed sports apparel and knitwear.
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