Family-run Timberland agrees to be bought by VF Corp.

Timberland Co., a third-generation New England company, has agreed to be acquired by VF Corp. of North Carolina for $2 billion,

the

Boston Globe

reported.

VF’s other brands include North Face, Vans and Wrangler.

VF plans to keep Timberland’s Stratham, N.H. headquarters, but did not disclose whether there would be jobs cut because of the consolidation. It is also unclear how long members of the Swartz family, the visionaries who founded Timberland and are involved in Boston philanthropic circles, will stay on board. The company, born from the Abington Shoe Co., created the first guaranteed waterproof boot under the Timberland name in 1973 and manufactured its first boat shoe six years later.

The Swartz family collectively control about 73.5% of Timberland’s voting power, the report noted.

“Rumors of a Timberland buyout have swirled for a decade, with potential suitors including companies such as Nike, Adidas and Stride Rite,” the

Globe

article said. An analyst told the

Globe

that he expects a competing bid from another company.

Third-generation CEO Jeffrey Swartz and his father, Sidney W. Swartz, have agreed not to participate in any competing business for three years after the completion of the VF transaction, the

Globe

reported. (Source:

Boston Globe,

June 14, 2011.)