The Stride Rite Corporation has completed the acquisition of Saucony Inc for approximately $170 million in cash.

The acquisition of the performance running shoe maker expands Stride Rite's portfolio of nationally recognised footwear brands, and is expected to be accretive to Stride Rite's earnings starting in 2006.

Saucony brings to Lexington, MA-based Stride Rite a business with 2004 revenues of approximately $167 million in performance athletic footwear, apparel and accessories under the Saucony, Saucony Originals, Hind and Spot-bilt brands.

David M Chamberlain, Stride Rite's chairman and chief executive officer, said in a statement: "The addition of Saucony to our portfolio of nationally recognised footwear brands provides us with a well-known technical athletic brand with loyal customers and solid growth prospects."

Stride Rite recorded approximately $558 million in 2004 sales. It markets brands that include Stride Rite, Keds, Sperry Top-Sider, Tommy Hilfiger and Grasshoppers.