FAIRHAVEN – Fortune Brands Inc. agreed to sell Acushnet Co., its Fairhaven-based golf business, to a group led by Fila Korea Ltd., the owner of the Fila brand globally, and Mirae Asset Private Equity for $1.23 billion in cash.
Fortune Brands will realize proceeds of about $1.1 billion after taxes and expenses from the sale of the maker of Titleist golf balls, the Deerfield, Ill.-based company said in a statement Friday. The deal is expected to close this summer, it said.
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The sale is part of Fortune Brands CEO Bruce Carbonari’s strategy, announced in December, to spin off the company’s golf, and home and security businesses by the fourth quarter to concentrate on distilled spirits. Maker of Jim Beam and Maker’s Mark bourbon, Sauza tequila and Courvoisier cognac, it plans to rename itself Beam.
In addition to Titleist and Pinnacle golf balls, Acushnet makes golf clubs and owns the FootJoy golf shoe, glove and apparel brand. Its sales exceeded $1.2 billion in 2010, with almost half of its revenue generated in markets outside the United States.
Established in Italy in 1911, Fila is a leading sport and leisure footwear and apparel brand that is distributed worldwide. The group purchasing Acushnet led by Fila Korea and Mirae also includes the National Pension Service of Korea, the fourth largest pension fund in the world, and Korea Development Bank, Korea’s largest government-owned bank.
Fortune Brands rose 69 cents, or 1.1 percent, to $64.89 in New York Stock Exchange composite trading yesterday. The shares climbed 7.7 percent this year before Friday.
