TaylorMade-Adidas Golf buys Adams Golf shares for a jaw-dropping $70-million
TaylorMade-Adidas Golf (TMAG) has now signed up a new merger with Adams Golf to extend their operations further north.
Coined as another massive merger in the sport, TMAG announced yesterday, March 19, that the two heavyweights will now be joining heads to work for the betterment and improvement in the sport all over the globe.
TMAG sealed the deal, buying the shares of the Adams Golf for $10.80 per share in cash and the deal has soared to a whopping $ 70-million in all.
Adidas Group CEO Herbert Hainer spoke on the occasion and termed the merger as a breath of fresh air for the sport and said:
"This acquisition reflects our commitment to continued growth in the golf category. The proposed combination of Adams Golf and TaylorMade-Adidas Golf brings together two highly complementary sets of brands”.
TMAG president and CEO Mark King who have rendered immense services for the research and technological advancements in the equipment and apparel manufacturing, lauded the deal and hailed it as the first step towards turning TMAG the best golf company in
the world.
He said, "We are very excited to team up with Adams Golf, whose team we have respected for many years. Our mission is to be the best golf company in the world across all geographies, products and customer demographics, and adding Adams Golf is an important
step ”.
Interim CEO of Adams Golf Barney Adams hoped that the merger will work wonders for the employs of Adams Golf as well as for the suppliers and partners.
He expressed his gratitude towards TMAG which agreed to maintain the Adams Golf's headquarters in Plano, Texas.
TMAG had been one of the giants in the golf equipment and apparel manufacturing and there revenues broke the $1-billion mark for the first time in 2006.
The company manufactures cutting edge drivers, fairway woods and hybrids, irons, wedges, and golf balls.
The company made historic advance in apparel manufacturing by introducing the world renowned 'ClimaCool' and '3D Fit Foam' used for the first time in golf shoes.
TMAG is also the official partner of several of the top-ranked golfers of the likes of Martin Kaymer, Greg Norman, Jason Day and many others.
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