Friday, May 20, 2011

Beam Parent Sells Golf Division.

Fortune Brands announced today that it has sold its Acushnet unit, which makes Titlest golf balls and clubs, FootJoy golf shoes, and other golf products. The buyer is a group of Korean investors that includes Fila Korea Ltd. Purchase price is $1.2 billion.

This sale is part of the plan to transform Fortune into a 'pure play' distilled spirits company called Beam Inc. What it means for bourbon lovers is another billion in the war chest that will enable Beam to be a buyer of spirits brands and not a takeover or break-up target as many assume.

The next step in the process is for Fortune to spin-off its home and security unit, which should occur later this year.

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