Acushnet Company Announces Agreement To Sell Cobra Golf To Puma
Fairhaven, MA (March 10, 2010) - Acushnet Company,
the golf business of Fortune Brands, Inc. announced today that it has
signed an agreement for the sale of Cobra Golf to PUMA AG. The sale
includes the Cobra brand, as well as related inventory, intellectual
property and endorsement contracts, and is subject to customary closing
conditions and regulatory approvals.
Acushnet also announced plans to continue to provide
services for an agreed upon period of time beyond the closing of the sale
to facilitate a seamless transition. Services such as production,
distribution, field sales and customer service will ensure that Acushnet
Company's Cobra trade accounts and golfers continue to receive
industry-leading service during this transition period.
"With the sale of Cobra, we have the opportunity to
devote all of our resources to the global growth of our industry-leading
Titleist and FootJoy brands," said Wally Uihlein, Chairman and CEO of
Acushnet Company. "At the same time, Cobra is a strong brand with a
heritage of innovation, and we wish the quality associates guiding the
brand future success. Golfers and our valued partners will remain the key
focus throughout the impending sale and we are confident that our customers
will continue to be serviced to our high standards."
Pending regulatory approval, the effective date of
the sale of Cobra Golf to PUMA is expected to be early in the second
quarter, and all business will continue to be conducted by Acushnet Company
until that time. All Acushnet Company associates dedicated to the Cobra
business are expected to become employees of PUMA. Financial terms of the
pending transaction were not disclosed.
"Titleist and FootJoy are powerful golf brands that
are poised for long-term growth," continued Uihlein. "This laser focus and
our longstanding commitment to deliver superior performance and quality
will strengthen golfers' trust in the Titleist and FootJoy brands in all
global markets."
