adidas Group completes divestiture of the Greg Norman Collection to MacGregor Golf Company
Herzogenaurach / Albany, Georgia, November 21, 2006 – adidas AG announced today that it has formally completed the divestiture of the Greg Norman Collection (GNC) apparel business to the MacGregor Golf Company. The transaction excludes existing GNC-related retail outlet operations. As previously announced, financial details will not be disclosed. Following yesterday’s completion of the divestiture of the GNC apparel business, GNC will be included within the Group’s results until the end of November 2006.
Headquartered in New York, the Greg Norman Collection is a worldwide marketer and distributor of men's sportswear, golf apparel and accessories. The GNC business which will be sold in this transaction reported sales of approximately € 55 million in 2005.
About the adidas Group
The adidas Group is one of the global leaders in the sporting goods industry, offering a broad range of products around the three core segments adidas, Reebok and TaylorMade-adidas Golf. Headquartered in Herzogenaurach, Germany, the Group has more than 25,000 employees worldwide and expects sales of around € 10 billion in 2006.
About TaylorMade-adidas Golf
Headquartered in Carlsbad, California, TaylorMade-adidas Golf sells golf clubs and balls under the TaylorMade brand, Maxfli golf balls and adidas Golf footwear and apparel. TaylorMade-adidas Golf posted 2005 sales of € 709 million.
About MacGregor Golf Company
Albany, Georgia based MacGregor Golf, the second oldest golf company in the world, has a storied 109-year history filled with innovation and PGA Tour success including a record 59 Majors. MacGregor Golf designs and manufactures a complete line of innovative golf equipment. MACTEC™ drivers, fairway woods, irons, wedges and Bobby Grace™ putters are marketed under the MacGregor brand.