The Timberland Company has announced that it has signed a definitive agreement to acquire 100% of the outstanding stock of SmartWool Corporation, from RAF Industries, Inc. and the Stripes Group LLC. SmartWool, a privately held company, designs and develops performance socks, apparel and accessories for men, women and children. The purchase price is estimated to be approximately $82 million. The SmartWool organisation will continue to be headquartered in Steamboat Springs, Colorado, and will operate as a wholly-owned subsidiary of The Timberland Company under the leadership of Chip Coe, SmartWool's president.

SmartWool and Timberland partnered in early 2005 to develop and market performance footwear featuring SmartWool linings.

The acquisition is expected to be completed by mid-December.