Fortune Brands Inc. sells Acushnet to Fila Korea
Acushnet announced on Saturday, May 21, 2011, that its parent company Fortune Brands Inc., has decided to sell the company to one of the leading sports brands in the world, Fila Korea. The company has been handed over to the joint possession of Fila Korea
and Mirae Asset Private Equity, the biggest equity firms in Korea.
“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 Wally Uihlein, Chairman and Chief Executive Officer, Acushnet
Company.
The chairman further added, “The Fila 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 FootJoy brands.”
Acushnet is one of the leading golf equipment manufacturers in the world with world renowned brands like Titleist. The company lately has been facing tough legal battles with its competitor Callaway Golf over the patent rights violation of Pro V1 golf ball.
The golf manufacturing unit of Acushnet was first launched in 1932 and the company has since been delivering high quality goods for the golfers around the world. The company recorded annual sales of $1.2 billion in 2010 while its sales volume in 1975 was
just $51 million.
Fortune Brands acquired Acushnet in 1976. The company produces some of the finest golf balls in the world with unmatched quality. Titleist clubs and irons are the most sought after clubs and its FootJoy brand produces the finest shoes, gloves and apparel
in the world.
The company also announced its detachment with Fortune Brands but stated that its headquarters will remain in Fairhaven, Massachusetts while Uihlein will also retain his status quo for the moment.
Filum was first established in 1911 in Italy and is also one of the leading sportswear manufacturers in the world. The deal has been collectively signed by the Mirae Asset Private Equity, National Pension Service of Korea, also known as the fourth largest
pension fund in the world and Korea Development Bank, ranked as the largest government owned bank in Korea.
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