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Footwear designer Timberland acquires SmartWool

Dec '05
Premium-quality footwear designer Timberland Company announced that it has completed its acquisition of SmartWool Corporation, originally announced on November 7, 2005, for a total purchase price of approximately $82 million.

SmartWool is a recognized market leader in performance-based merino wool socks, and the SmartWool acquisition reflects continued progress in Timberland's strategy of extending its capabilities to new brand growth platforms to drive growth and shareholder value.

As previously disclosed, SmartWool's 2005 annual revenues are anticipated to be approximately $42 million excluding sales of Timberland footwear with SmartWool linings.

Timberland anticipates this transaction will add $0.02 to $0.03 to its earnings per share in 2006, with benefits weighted toward the second half of the year.

The transaction will have minimal impact on fourth quarter 2005 earnings.

'Timberland and SmartWool share a common heritage grounded in functional and purposeful innovation, and the combination of both brands will enable us to serve their growing customer bases with expanded offerings of socks, footwear, apparel and accessories,' stated Jeffrey B Swartz, Timberland's President and Chief Executive Officer.

'They're delighted to welcome the SmartWool team to Timberland and look forward to working together to accelerate and broaden SmartWool's brand reach.'

Timberland is a global leader in the design, engineering and marketing of premium-quality footwear, apparel and accessories for consumers who value the outdoors and their time in it.

Timberland markets products under the Timberland, Timberland PRO Series, SmartWool, Timberland Boot Company and Mion brands, all of which offer quality workmanship and detailing and are built to withstand the elements of nature.

Timberland Company

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