Business

Fortune Brands reaches deal to sell golf business

Posted May 19, 2011 11:00 pm

Associated Press

Deerfield-based Fortune Brands says it has reached a deal to sell its Acushnet Co. golf business to a group of Korean investors including athletic company Fila Korea Ltd. for $1.2 billion.

The business includes the Titleist and FootJoy brands.

The deal is a major step in Fortune's plan to break itself up. It plans to separate its Beam liquor business and its home and security businesses into two companies later this year

The company says Titleist is the top-selling golf ball and a leader in golf clubs, while FootJoy is tops in golf shoes.

The group buying the brands is led by Fila Korea and Mirae Asset Private Equity, Korea's largest private equity firm.

Fortune expects to get $1.1 billion after taxes and expenses when the deal closes this summer.

Article Comments

Article Categories
Business Communities Deerfield

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.