Acushnet confirms Fortune Brands' sale plans
Rumored for a couple of months, the Acushnet Company confirmed that the Board of Directors of Fortune Brands, its parent company, (which includes the Titleist, FootJoy and Pinnacle brands) has decided to go ahead with plans to break itself up.
"The strength of the Acushnet Company as the undisputed global leader in the golf category, and confidence in our growth prospects, were factors contributing to the Board's decision," Acushnet CEO Wally Uihlein said in a statement. "Whether the Acushnet Company is sold to a new owner or becomes an independent publicly-traded company, our focus will be to keep on doing what's made us the leader in our industry - the delivery of best-in-class products and service to our customers and golf consumers. We look forward to building on our track record of delivering performance and quality superior golf products to serious golfers worldwide."
Fortune Brands is expected to spin off its home and security division to shareholders. As for the golf brands, the statement said Fortune Brands would try to sell or spin off the golf products business. Fortune Brands would then continue as a public company with its liquor brands.
--*E. Michael Johnson