The VF Corp. announced on Monday that it was moving its headquarters from Greensboro to Denver to emphasize its growing outdoor and athletic leisure brands.
However, the company will spin off its jeans business under the Wrangler and Lee brands into a separate company, and that business will remain headquartered in Greensboro. That company, named NewCo., will be publicly traded.
The Greensboro News & Record reports that about 1,300 people work at the VF plant in Greensboro and that most of those jobs will remain there.
In a statement on Monday, Greensboro’s Mayor Nancy Vaughan thanked the VF Corporation for its impact on the Greensboro community during the 30 years it has been based in the city. “We are happy though that VF will keep its Wrangler brand in Greensboro and it will be joined by the Lee brand, who will move its headquarters to Greensboro from Kansas City,” she added.
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In Denver, VF will focus on its North Face and Vans brands.
The Denver Business Journal reports that the Colorado Economic Development Commission offered it as much as $27 million in job-growth incentive tax credits over the next eight years to create 800 jobs — the second-largest incentive package ever offered by the state of Colorado.
According to Bloomberg News, the new jeans company would have estimated annual revenue of more than $2.5 billion, compared with more than $11 billion for the rest of VF.
This story will be updated.