Message #2 From:
NewsBot Date: October 24, 2006 08:42:00 AM
ADS News adidas Group to sell the Greg Norman Collection to MacGregor Golf Company
HERZOGENAURACH, Germany & ALBANY, Ga.--(BUSINESS WIRE)--adidas AG (FWB:ADS) announced today that its Greg Norman Collection
(GNC) apparel business will be sold to the MacGregor Golf Company. The
transaction excludes existing GNC-related retail outlet operations and
is expected to be completed by the end of 2006. Financial details will
not be disclosed.
“Greg Norman is a brand, which has clearly
performed well over the last several years. However, it is not core in
the scope of our global golf strategy. Due to its limited integration
opportunities and small size, we were open to sell the business unit to
golfer Greg Norman and the MacGregor Golf Company,”
said adidas AG Chairman and CEO Herbert Hainer.
"Greg Norman has been a great partner to our business over the last five
years and we are looking forward to an even greater level of personal
involvement from him going forward," commented Suzy Biszantz, President
and CEO of Greg Norman Collection. "MacGregor Golf will be a solid
foundation for us as we continue to grow both domestically and
internationally.”
Headquartered in New York, the Greg Norman Collection is a leading
worldwide marketer and distributor of men's sportswear, golf apparel and
accessories. The GNC business which will be sold in this transaction
reported sales of approximately € 55 million
in 2005. Greg Norman, Chairman and CEO of Great White Shark Enterprises
and licensor to GNC, has given his support to the transaction.
The adidas Group is one of the global leaders in the sporting goods
industry, offering a broad range of products around the three core
segments adidas, Reebok and TaylorMade-adidas Golf. Headquartered in
Herzogenaurach, Germany, the Group has more than 25,000 employees
worldwide and sales of around € 9.5 billion.
About TaylorMade-adidas Golf
Headquartered in Carlsbad, California, TaylorMade-adidas Golf sells golf
clubs and balls under the TaylorMade brand, Maxfli golf balls and adidas
Golf footwear and apparel. TaylorMade-adidas Golf posted 2005 sales of €
709 million.
About MacGregor Golf Company
Albany, Georgia based MacGregor Golf, the second oldest golf company in
the world, has a storied 109-year history filled with innovation and PGA
Tour success including a record 59 Majors. MacGregor Golf designs and
manufactures a complete line of innovative golf equipment. MACTEC™
drivers, fairway woods, irons, wedges and Bobby Grace™
putters are marketed under the MacGregor brand.
