Acushnet Selling Cobra Golf to Puma
MIAMI — The Acushnet Company, makers of Titleist and FootJoy products, is selling the third piece of its golf business, Cobra, to Puma.
In a release sent to members of the media this morning, Wally Uihlein, chairman and CEO of Acushnet, said:
"With the sale of Cobra, we have the opportunity to devote all of our resources to the global growth of our industry-leading Titleist and FootJoy brands. At the same time, Cobra is a strong brand with a heritage of innovation, and we wish the quality associates guiding the brand future success. Golfers and our valued partners will remain the key focus throughout the impending sale and we are confident that our customers will continue to be serviced to our high standards"
According to the release, Acushnet will continue to produce and distribute Cobra Golf products for an undisclosed period of time past the final date of the sale. Acushnet will also provide customer service and sales support during that time.
With the deal, Puma will assume ownership of Cobra's inventory, intellectual property and endorsement contracts. Camilo Villegas, who won last week's Honda Classic, is on Cobra's staff. Ian Poulter, winner of the WGC-Accenture Match Play Championship, is also a Cobra staff player.
Barring regulatory issues, the anticipated sale is expected to be completed by June.
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