Wolverine World Wide, Inc. (NYSE: WWW) is proud to announce that it has finalized the acquisition of the business and select net operating assets of Sebago, Inc. originally announced on July 24, 2003.
#'The Sebago acquisition is an important step in the execution of our strategic plan to build the world's strongest portfolio of non-athletic footwear brands,'' stated Timothy J. O'Donovan, Wolverine World Wide's President and CEO. #'The Sebago brand provides the Company with an opportunity for growth in the premium sector of the footwear market — and as part of Wolverine, the Sebago business will benefit from our global operating model. I would personally like to thank Dan Wellehan and his team for their strong support during the transition and continued dedication to the brand.''
#'My team is honored to become stewards of the Sebago brand,'' stated Jacques Lavertue, President of the Company's newly formed Outdoor Group which includes both the Sebago and Merrell brands. #'We are focused on building upon Sebago's strong heritage, with the goal of becoming the global reference brand for performance nautical and American-inspired casual footwear. We will be introducing product updates for Fall 2004, with a major brand re-launch planned for Spring 2005.''
