VF Sells Intimate Apparel, Buys Additional North Face Business
VF Corporation completes the sale of its global intimate apparel business to Fruit of the Loom Inc., a subsidiary of Berkshire Hathaway Inc. Proceeds of the sale will consist of the previously disclosed $350 million purchase price, plus adjustment for working capital changes. As previously indicated, VF plans to use the proceeds from the sale to repurchase shares in 2007. Also announced this week, VF acquires The North Face branded business in China China Beijing
