Fore! Fila Takes A Drive, Buys Titleist From Fortune Brands

Fila, the athletic apparel maker has decided to enter the golf game, and purchased Titleist from Fortune Brands Inc. FO this morning for $1.2 billion. A group including Fila Korea Ltd. Mirae Asset Private Equity, National Pension Service of Korea and the Korea Development Bank purchased the group known as Acushnet Co. for $1.2 billion. In addition to making Titleist balls and clubs, the unit also makes FootJoy, which is the leader in shoes, and also makes gloves and jackets. Fila Korea spokeswoman Lauren Mallon said golfers won't notice a difference. In a phone interview with the AP, she said, "We're going to stay consistent." "The purchase of Acushnet balances the business in a category that Fila Korea has not focused on globally, which is golf," Mallon said. "It really gives Fila Korea another entree to build a business in emerging markets with great growth potential."