ADIDAS TO SELL TAYLORMADE GOLF
Adidas Group’s Executive Board has decided to enter into concrete negotiations with interested parties aimed at a divestiture of parts of the company’s golf division.
Going forward, the Group intends to focus its efforts in this market segment on further strengthening its position as a leading provider of innovative golf footwear and apparel through the Adidas Golf brand. At the same time the company will actively seek a buyer for the remainder of its golf business, which mainly comprises the TaylorMade brand, as well as the Adams and Ashworth brands.
“TaylorMade is a very viable business. However, we decided that now is the time to focus even more on our core strength in the athletic footwear and apparel market,” said Herbert Hainer, CEO of Adidas Group. “With its leadership position in the industry and the turnaround plan gaining traction, which is clearly reflected in the top- and bottom-line improvements recorded in Q1 as well as recent market share gains, I am convinced that TaylorMade offers attractive growth opportunities in the future. At the same time, the planned divestiture will allow us to reduce complexity and focus our efforts on those areas of our business that offer the highest return and where we can have the biggest impact in reaching our consumers and winning their loyalty for the Adidas and Reebok brands.”
A final decision on the divestiture, including the detailed terms of a potential agreement, is subject to approval by the Supervisory Board.
