Extends Lotto’s reach into US Market and provides strong platform for continued Etonic growth through tremendous brand synergies.
Trevignano (Italy), 29 November 2006.- Lotto Sport Italia, world leader in the production of technical footwear for soccer and tennis, announces its acquisition of Etonic Worldwide, a major US shoe manufacturer for running, golf, bowling and walking.
The acquisition allows Lotto to significantly strengthen its US market position by bringing an important and well-known brand within its portfolio. According to a recent study, Etonic is one of the best known sports footwear brands among US consumers, and has significant market share and equity in the segments of golf and bowling. Etonic’s management re-launched its golf brand in 2004 and entered the bowling market in 2005. With the recent re-launch of its running and walking lines, Etonic is quickly regaining the prestigious position it held in the past. In Spring 2006, the "Jepara SC" running shoe was judged best new Motion Stabilizing shoe by the editorial staff at Running Network.
Founded in 1876 in Brockton, Massachusetts, Etonic Worldwide is known for its leading-edge technology that has created a heritage of "firsts". The brand has brought new innovations into each category in which it competes; most notably building the first GORE-TEX® waterproof golf shoe, as well as a line of injury-prevention running and walking shoes.
Lotto Sport Italia, the company led by Andrea Tomat (who will also become President of Etonic) will therefore add new sectors of excellence to those of soccer and tennis, where Lotto is among the world’s leaders. Important synergies are expected in distribution as Lotto will capitalize on its sales network to bring the Etonic brand and products into Europe. In addition, Lotto’s products will be marketed and distributed in the US by the operations set up at Etonic.
"The range of Etonic products is wholly complementary to that of Lotto’s without any overlap – stated Andrea Tomat, President of Lotto Sport Italia SpA. I’m certain we will generate important synergies between the innovative solutions introduced by Lotto in its chosen markets and those developed by Etonic, which has always enjoyed the reputation of being an R&D leader. "
"I am particularly satisfied with this acquisition -continued Tomat . We can count on a top-class management team, which succeeded in relaunching the brand in a short time span and which I am certain will take Etonic to the highest level."
"Having reached our current stage of growth – said Tom Seeman, CEO of Etonic – it was essential for Etonic to find a leading industrial partner able to support our growth process in the US and offer us the possibility of gaining fast access to new markets".
Terms of the sale were not disclosed.
About Lotto
Founded in 1973, Lotto Sport Italia is an Italian company that manufactures and distributes footwear, clothing and accessories for soccer, five-a-side soccer and tennis, as well as models for leisure time. The Lotto brand label is also applied to making and distributing sports under wear and cosmetics, and to stationery. Today Lotto distributes its products in 80 countries and is active in the world of football and tennis through important sponsoring agreements. For information on Lotto log onto www.lottosport.com
About Etonic
Founded in 1876 by Charles A. Eaton, Etonic’s heritage has been driven by technological innovation, superior quality and ultimate comfort. Head-quartered in Waltham, Massachusetts, Etonic has a complete line of performance footwear for golf, bowling, running and walking. For complete information on Etonic and its products, visit www.etonic.com.
Contact:
Karen Pitts
VP Global Marketing
Ph: 781-419-3020
Etonic Worldwide
260 Charles Street- Waltham, MA 02453
Ph: 781-419-3000
www.etonic.com
