Kontoor completes his separation from VF Corporation

Kontoor Brands, Inc. announced that it has completed the previously announced separation from VF Corporation, the world's leading apparel company, and has grown into a publicly traded, global independent company headquartered in Greensboro, U.S. . Kontoor Brands shares will begin trading on the New York Stock Exchange under the symbol KTB.

"This is a historic day for everyone connected with Kontoor, as we move to the next stage of our journey as an open society," said Scott Baxter, Kontoor's President and CEO. Brands. "Since VF's separation was announced for the first time last August, we have planned this time and are quite ready to succeed. We are grateful to the VF and Kontoor teams who have worked together to put this great organization in place. We have a historic opportunity in front of us. We believe that Kontoor and its brands are well positioned for value-creating performance. "

Separation was achieved by the distribution of 100% of the shares of Kontoor Brands to the common shareholders of VF. VF shareholders entitled to receive the distribution have received an account statement or a credit to their brokerage account reflecting their ownership of the common shares of Kontoor Brands.

The distribution of Kontoor Brands shares was completed after the close of trading on May 22, 2019, with VF shareholders having received one common share of Kontoor Brands for seven common shares held at the close of business. May 10, 2019. Fractions of common shares of Kontoor Brands have not been distributed. Any fractional ordinary share of Kontoor Brands that may also be issued to a shareholder of VF will be sold on the open market on behalf of that shareholder, who will receive a cash payment for the fractional share based on his proportionate share of the share. net cash proceeds from all sales of fractional shares.

"Our board of directors and management team have a unique management experience, both within VF and other large multinational corporations and global brands. The depth and vast experience of our team as well as our deep knowledge of the industry will contribute to the success of our company, "said Baxter. "I look forward to working with this talented group to make Kontoor a respected, successful, independent, publicly traded company."

Kontoor is committed to delivering consistent, reliable returns for shareholders through strong execution and execution. an effective long-term shareholder Total Operating Performance Model (TSR), supported by strong margins and cash flow generation The long-term TSR model badumes a dividend yield of approximately 5%, margin of 2 to 3% and revenue growth of 1% to 2%, an annualized return of 8 to 10% This TSR algorithm does not include share buybacks, mergers and acquisitions or multiple extensions . (RR)

Fiber2Fashion News Desk – India