Nautilus Footwear, the Portland-based protective footwear company has acquired the 3rd Watch division of Mason Shoes and set up Footwear Specialties International (FSI) to act as a parent company for the two businesses, which will be run as separate entities. "This will be an unusual, dynamic partnership," says Nautilus CEO Wayne Elsey. "We'll manage the two companies as separate businesses, yet we'll coordinate their marketing efforts to enhance our combined positions in the different markets."