Wolverine World Wide, Inc. 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.”
