Earlier today at Acushnet Company's world headquarters in Fairhaven, Mass., Chairman and Chief Executive Officer Wally Uihlein made an important announcement concerning the future of Acushnet Company and our industry-leading Titleist and FootJoy brands.
We'd like to share all of the details now with Team Titleist.
It was about five months ago that we came to Team Titleist with the news that our parent company, Fortune Brands, Inc., had approved a plan for the sale or tax-free spin off of Acushnet Company.
This morning, Uihlein informed us that Fortune Brands has signed an agreement for the sale of the company to a group led by Fila Korea, Ltd., the owner of the Fila brand globally, and Mirae Asset Private Equity, the largest private equity firm in Korea.
Uihlein said Fila Korea and Mirae Asset will maintain Acushnet – one of the largest golf equipment companies in the world with annual sales of more than $1.2 billion in 2010 – as a standalone company, keeping the current management team in place and worldwide headquarters (pictured) in Fairhaven, Mass.
“The Acushnet Company has long been the trusted steward of two of golf’s
most revered and iconic brands, and has perpetuated the longest running
records of golf equipment success in the game,” said Uihlein.
Korea and Mirae group understands and appreciates our golf industry
leadership, passionate associates, and unique and enduring culture.
Together, with our new owners, our team is looking forward to
strengthening and building upon the global success of the Titleist and
For more details on the acquistion, please see the press releases linked below from both Acushnet Company and Fortune Brands.
• Acushnet Company Press Release (.pdf)
• Fortune Brands Press Release (.pdf)