Apparel and footwear company VF Corp. announced Monday plans to split its jeans business into a separate company.

The Greensboro, North Carolina-based company said that it plans to complete the move in the first half of 2019.

VF Corp. has been overhauling its business in recent years, selling off brands that it doesn’t believe fit into its strategy while acquiring other brands. The jeans business will remain based in Greensboro while the company’s outdoor apparel business will move its headquarters to Denver.

“In alignment with our strategic plan, the decision to separate these businesses will allow VF to sharpen its focus as a consumer-centric and retail-minded organization anchored in activity-based lifestyle brands,” said Chief Executive Officer Steve Rendle in a statement. “Our jeans platform is a successful, sustainable business with iconic global brands and a clear path to value creation as a standalone entity.”

VF’s shares fell 3.81 percent, or $3.70, to $92.59 in Monday morning trading.

In April, the company sold its Nautica brand. Last year, it sold its licensed sports group business, including the Majestic brand. VF has acquired the Altra footwear brand as well as the Icebreaker and Dickie’s clothing brands in the past year.

The company has more than 30 brands, including Vans, The North Face, Timberland, Wrangler and Jansport. More than half the backpacks sold in the U.S. are supplied by brands owned by VF Corp.

The Denver-based company will keep the The North Face, JanSport, Smartwool, Altra and Eagle Creek brands and will be led by Rendle. It will have an estimated $11 billion in annual revenue.

“Locating these brands, along with select VF leaders, at the base of the Rocky Mountains will enable us to accelerate innovation, unlock collaboration across brands and functions, attract and retain talent and connect with consumers,” said Rendle.

The jeans business will have an estimated $2.5 billion in annual revenue. Its Lee brand will relocate from Kansas City to Greensboro, joining Wrangler.

The company also announced the anticipated designation of Scott Baxter as chief executive officer of the new company and Rustin Welton as chief financial officer, effective upon completion of the transaction.

Baxter is currently president of VF’s Americas West group and led VF’s jeans business from 2011 to 2015.