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Fila Korea buys Titleist for global expansion

All Headlines 11:13 May 21, 2011

SEOUL, May 21 (Yonhap) -- Fila Korea Ltd., a South Korean sportswear maker, said Saturday it signed a deal to acquire global golf equipment maker Acushnet Company, becoming the new owner of leading golf brands such as Titleist as it moves to boost its global presence.

Under the deal, Fila Korea and Mirae Asset Private Equity Fund agreed with U.S.-based Fortune Brands Inc. to buy Acushnet Company for US$1.23 billion, the companies said in a statement. Acushnet Company is the world's leading golf equipment maker with brands such as Titleist and FootJoy under its wing.

The transaction, which is expected to close this summer, also includes South Korea's National Pension Service and state-run Korea Development Bank, according to the statement.

The move is widely expected to drive Fila Korea's global expansion and strengthen its golf business.

"The acquisition of Acushnet transforms our platform with a stable of premiere world class brands," said Fila Korea Chairman and CEO Gene Yoon. "With our extensive knowledge and reach in Asia, we believe that the Acushnet brands have incredible new opportunity for growth in the emerging markets in Asia."

Established in 1991, Fila Korea listed its shares on the Seoul main bourse in September. In 2010, the sportswear maker posted operating profit of 53.4 billion won ($49 million) and net profit of 44.2 billion won.

mil@yna.co.kr
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