Herzogenaurach / Albany, Georgia, October 24, 2006 – adidas AG announced today that its Greg Norman Collection (GNC) apparel business will be sold to the MacGregor Golf Company. The transaction excludes existing GNC-related retail outlet operations and is expected to be completed by the end of 2006. Financial details will not be disclosed.
“Greg Norman is a brand, which has clearly performed well over the last several years. However, it is not core in the scope of our global golf strategy. Due to its limited integration opportunities and small size, we were open to sell the business unit to golfer Greg Norman and the MacGregor Golf Company,” said adidas AG Chairman and CEO Herbert Hainer.
"Greg Norman has been a great partner to our business over the last five years and we are looking forward to an even greater level of personal involvement from him going forward," commented Suzy Biszantz, President and CEO of Greg Norman Collection. "MacGregor Golf will be a solid foundation for us as we continue to grow both domestically and internationally.”
Headquartered in New York, the Greg Norman Collection is a leading 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. Greg Norman, Chairman and CEO of Great White Shark Enterprises and licensor to GNC, has given his support to the transaction.
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 sales of around € 9.5 billion.
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