WOOLRICH, Pa. and BOLOGNA, Italy, Nov. 29, 2016 /PRNewswire/ -- Woolrich Inc., America's oldest outdoor clothing company and one of the world's leading manufacturers of outdoor lifestyle apparel, and Woolrich Europe, licensee of the trademark for Europe and Asia, owned by W.P. Lavori in Corso, jointly-announced today the completion of an agreement to merge into Woolrich International, a new holding company responsible for leading and accelerating the future growth and development of the Woolrich brand, both in the North American market and worldwide. The agreement includes all of the entity's industrial assets, the rights associated with the brand and the entire distribution network. Financial terms of the private transaction have not been disclosed. The newly-formed company, Woolrich International will be headquartered in London and will coordinate the operating offices in New York City, Woolrich Pennsylvania, and Bologna and Milan, Italy. The new entity will have a global workforce of 300 people, with a closing provision of an annual turnover of $190 million for 2016. This transaction allows the Woolrich brand to continue its path of development with prospects for an annual average growth of 12% from 2017 to 2020, expected to reach an annual turnover of $300 million by 2020, employing 500 people. This expansion is supported by a capital expenditure plan of about $50 million, aimed to reach over 60 points of sale.