OBLIGATORY LETTER FROM TITLEIST CEO
Wally Uihlein Chairman and Chief Executive Officer
May 20, 2011
To all Acushnet Company Trade Partners:
In December, 2010, we shared an announcement that our parent company, Fortune Brands, had approved a plan for the sale or tax-free spin-off of the Acushnet Company. Today, Fortune Brands announced that it has signed an agreement for the sale of Acushnet Company to a consortium led by Fila Korea Ltd., the owner of the Fila brand globally, and Mirae Asset Private Equity, the largest private equity firm in Korea, as described in the attached news releases.
As one of the largest golf equipment companies in the world, this begins a new chapter for the Acushnet Company and an opportunity to build upon the game’s longest running records of golf equipment success. Titleist and FootJoy are two of golf’s most revered and iconic golf brands delivering superior performance and quality excellence in their respective product categories.
The Fila Korea and Mirae group understand and appreciate our golf industry leadership, passionate associates and our unique and enduring culture. Acushnet’s worldwide headquarters will remain in Fairhaven, Massachusetts, and Fila Korea and Mirae have expressed their intent to keep Acushnet a standalone operation and keep the Acushnet management team in place. Together, with our new owners, we share a collective desire to continue to provide you and golfers with the best-in-class products and service that you’ve come to expect from Titleist and FootJoy.
Transition is nothing new for Acushnet Company. The Golf Division was founded in 1932. In 1935, the first Titleist golf ball was brought to market. Fortune Brands acquired Acushnet Company in 1976, and Acushnet acquired FootJoy in 1985. Titleist has been the #1 ball in golf for over 60 years and counting, and a leader in high performance clubs. FootJoy claims the #1 position in golf shoes, golf gloves and outerwear.
The Acushnet Company has long been the trusted steward of the Titleist and FootJoy brands and we remain steadfast in our mission to provide you and golfers around the globe with the highest performance and quality equipment in the game.
We greatly appreciate your loyal support of our brands, products and people, and we look forward to strengthening our partnership with you as we move forward.