Fortune Brands Sells Acushnet Co.
By mustang6560 on 5/20/11
After months of speculation, Fortune Brands agreed to sell its golf business Acushnet Co. to a South Korean group led by Fila Sports for $1.23 billion in cash.
Acushnet Co. is the golf division of Fortune Brands and it includes Titleist, FootJoy and Scotty Cameron.
The sale of the business, which includes the Titleist and Footjoy brands, is the first big step toward a planned break-up of Fortune Brands, long an unusual conglomerate with a big spirits portfolio and home and hardware business, in addition to golf products.Fortune Brand announced in December of last year it planned to break up the company and focus on its liquor business. Interesting fact, Fortune Brand owns several popular liquors including Jim Beam, DeKuyper and Knob Creek.
Little did I know I was supporting the same company while I playing Titleist golf balls and drinking Jim Beam. We like our bourbon down south and Jim Beam is probably the unofficial-official bourbon of college-aged kids. It's cheap, tastes alright and it's cheap.
Acushnet Co. Sells
photo by pete tschudy
[ comments ]
Kurt the Knife says:
You should mention that JB is inexepensive.
Kurt the Knife says:
It was a bargain, kind of a budget buy, economically priced bourbon.
WOW, 1.23$ billion in cash. That is a big withdrawal.
My first experience with alcohol was when my buddies and I got plastered with Old Crow. For years afterward, just the smell of whiskey was almost enough to make me throw up. I got over it though, hic.
bet they had to report that withdrawal to the Fed...
why not do it over a few years at 9,000.00 a day. that way they don't have to fill out the "I took a huge amount of cash out the Bank form" to send to the Fed.
@merlin3driver- I feel the same way about Jager and Blue Moon. I had one too many Jager nights in college and it only took one bad night with BM to lose my appetite for both. YUCK!
"why not do it over a few years at 9,000.00 a day. that way they don't have to fill out the "I took a huge amount of cash out the Bank form" to send to the Fed."
That would take over 370 years. Billion. With a big "B". ;)
@ppinkert: that is called structuring and will be picked up by any good banker. Then we would reoprt your ass!
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