Fortune Brands (FO) To Sell Cobra Golf Brand To Puma

By Daniel James Hayden IV
March 10, 2010 11:49 AM

Symbols: FO

Tags: Cobra, FootJoy, Fortune Brands, Puma AG, Titleist

Posted in: News, Guidance, M&A, Markets

Fortune Brands, Inc. (NYSE: FO) announced on Wednesday that it was selling its Cobra golf brand to Puma AG.

Although Fortune Brands said the two companies had already reached an agreement, it did not reveal the terms of the deal, which includes the Cobra golf brand, its intellectual property and endorsement contracts.

Fortune Brands said that the deal will dilute 2010 earnings per share by 2 cents, before giving the company a one time boost in earnings of 5 cents per share.

According to chairman and chief executive officer Bruce Carbonari, Fortune Brands will be able to focus on the Titleist and FootJoy brands, which offer better growth opportunity than Cobra.

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Fortune Brands (FO) To Sell Cobra Golf Brand To Puma

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