Stride Rite to acquire Saucony

Manufacturing News, Source : TheManufacturer.com
Published : 02 Jun 2005 20:33

The Stride Rite Corporation enters into agreement to purchase running shoe manufacturer Saucony, Inc.

"We are delighted to add Saucony to our portfolio of nationally recognized brands in a transaction we expect to be accretive in 2006 and beyond," said David M. Chamberlain, Stride Rite's chairman and chief executive officer. "Saucony is a well-known technical brand with loyal customers and solid growth prospects. This transaction combines two leading footwear companies with strong balance sheets and cash flows, similar corporate cultures, and shared roots in the greater Boston area dating back to the early 1900s."

The terms of the $170 million deal have already been approved by the boards of both companies. Saucony shareholders will receive $23 in cash for each share of Saucony stock. The transaction is expected to close in the summer of 2005 and is subject to regulatory approval.

Comments on this story

click here to add a comment