Outdoor apparel company Timberland has completed the acquisition of SmartWool for a total purchase price of about US$82m.

The acquisition, which was announced on 7 November, reflects Timberland's progress in expanding to new brand growth platforms and boosting shareholder value.

Timberland expects the transaction to add $0.02 - $0.03 to earnings per share in 2005. SmartWool's 2005 annual revenues are anticipated to be about $42m excluding sales of Timberland footwear with SmartWool linings.

Timberland president and chief executive Jeffrey Swartz said: "Timberland and SmartWool share a common heritage grounded in functional and purposeful innovation, and the combination of both brands will enable us to serve our growing customer bases with expanded offerings of socks, footwear, apparel and accessories".

Timberland designs, engineers and markets premium-quality footwear, apparel and accessories for consumers who value the outdoors.

SmartWool is known for its performance-based merino wool socks.