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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