Wally Uihlein, CEO of Acushnet Company, announced parent Fortune Brands (NYSE: FO) has decided to sell Acushnet or make it a tax-free spin off to present shareholders of Fortune Brands in response to pressure from its largest shareholder to increase shareholder value.
Fortune Brands will become a publicly-traded spirits business and the home and security divisions part of a tax-free spin off to be publicly-traded. Acushnet has approximately $1.2 billion in annual sales and brands Titleist and FootJoy are both first in their respective markets.
Industry speculation has centered on the possibility of either Callaway Golf or Nike Golf being possible acquirers of Acushnet.
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