It's official: Purchase of SmartWool's parent company is finalized
Tuesday, September 13, 2011
Steamboat Springs — VF Corp. announced Tuesday that it has completed the $2.3 billion purchase of Timberland, the parent company of Steamboat Springs-based SmartWool.
In a news release, the company confirmed that the merino wool outfitter would remain in Steamboat, where it is led by SmartWool President Mark Satkiewicz.
Tuesday’s news is perhaps a bit anticlimactic in Routt County.
Satkiewicz announced July 14 that SmartWool had reached an agreement in principal to extend its lease at the city-owned Steamboat Springs Airport through 2022 and expand the terminal facility where its offices are located. The City Council approved a second reading of the lease and expansion agreement Aug. 1.
VF Corp., of Greensboro, N.C., first announced the deal to buy Timberland on June 13. VF Corp. is an apparel giant that also owns The North Face, Jansport, Vans, Reef and Eastpak.
More like this story
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- Work under way on $1.45 million SmartWool remodel
- SmartWool president tells Steamboat audience how plan helped company grow through recession
- SmartWool purchased by VF Corporation; impact in Steamboat unclear
- SmartWool, Steamboat working on long-term contract
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