Fortune Brands, Inc. (NYSE: FO) has completed the previously announced sale of the Cobra golf brand to PUMA AG. The transaction includes the Cobra brand, as well as related inventory, intellectual property and endorsement contracts.
“While Cobra is a terrific brand and we wish it all the best, Titleist has grown to be our top-selling golf club brand and we believe its global growth can accelerate with the undivided attention of our sales organization and marketing resources,” said Bruce Carbonari, chairman and chief executive officer of Fortune Brands
“The sale of the Cobra brand enables us to focus all of our energy and resources in golf on growing our higher return, industry-leading Titleist and FootJoy brands, which give us the #1 position in golf balls, shoes and gloves and a leading position in high-performance clubs,” Mr. Carbonari continued.
“While Cobra is a terrific brand and we wish it all the best, Titleist has grown to be our top-selling golf club brand and we believe its global growth can accelerate with the undivided attention of our sales organization and marketing resources.”
As previously announced, Fortune Brands’ golf business, Acushnet Company, will provide transition services to PUMA on behalf of Cobra – including production, distribution, field sales and customer service – for an agreed-upon period of time.
Financial terms of the pending transaction have not been disclosed.
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