Fortune Brands (FO) took the latest step in its plans to separate into three units today, announcing it has agreed to sell its Acushnet Company golf business to a group led by Fila Korea and Mirae Asset Private Equity, for $1.225 billion in cash.
Fortune Brands said it will realize net proceeds of about $1.1 billion on the sales, after taxes and expenses.
The Acushnet Company includes the Titleist and FootJoy golf equipment and apparel brands.
Fortune Brands plans to separate its spirits and home & security units as well.
On the beverage side, Fortune Brands competes with companies like Brown-Forman (BFa) and Diageo (NYSE:DEO), and on the home furnishing side it competes with companies like Masco (NYSE:MAS).
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