Pursuits
Fortune Brands Sells Titleist Golf Unit for $1.23 Billion
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Fortune Brands Inc. agreed to sell its Titleist golf unit to a group led by the owner of the Fila sport apparel brand for $1.23 billion in cash, as part of its strategy to focus on liquor.
Fortune Brands will realize proceeds of about $1.1 billion after taxes and expenses from the sale of the Acushnet business, which makes Titleist balls, according to a statement from the Deerfield, Illinois-based company. The deal is expected to close this year, it said.