The Timberland Company has completed its acquisition of SmartWool Corporation, originally announced on November 7, for a total purchase price of approximately $82 million. As previously disclosed, SmartWool's 2005 annual revenues are anticipated to be approximately $42 million excluding sales of Timberland footwear with SmartWool linings.

"Timberland and SmartWool share a common heritage grounded in functional and purposeful innovation, and the combination of both brands will enable us to serve our growing customer bases with expanded offerings of socks, footwear, apparel and accessories," stated Jeffrey B. Swartz, Timberland's president and CEO. "We're delighted to welcome the SmartWool team to Timberland and look forward to working together to accelerate and broaden SmartWool's brand reach."