adidas AG: TaylorMade-adidas Golf Company completes acquisition of Adams Golf
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adidas AG: TaylorMade-adidas Golf Company completes acquisition of Adams Golf
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                                               June 1, 2012
TaylorMade-adidas Golf Company completes acquisition of Adams Golf
Golf-Industry Veteran John Ward is named President of Adams Golf
Herzogenaurach, Germany/Carlsbad, California - The adidas Group together with
its TaylorMade-adidas Golf business segment today announced the successful
completion of its acquisition of Adams Golf, Inc. for $ 10.80 per share in cash
which represents a transaction value of approximately $ 70 million (€ 53
million). The acquisition adds a further strong golf brand to an already
powerful portfolio that includes TaylorMade, adidas Golf and Ashworth.
"We've long admired Adams Golf's enthusiasm for incorporating performance
technologies into its equipment, just as TaylorMade-adidas Golf does," commented
Mark King, President and CEO of TaylorMade-adidas Golf Company. "Uniting the
talents of the TaylorMade-adidas Golf and Adams Golf research and development
departments will help us develop even better equipment for the target consumers
of both brands."
In recent years, the majority of Adams Golf's sales have been generated in the
United States. TaylorMade-adidas Golf plans to use its worldwide distribution
channels, established with the help of the adidas Group, to develop Adams Golf
into a global brand, creating the potential to increase sales of Adams Golf.
"This is an incredibly exciting time for us at TaylorMade-adidas Golf," added
Mark King. "We've just recorded the best first-quarter performance in the
company's history, and we're on course to celebrate another record year. Adams
Golf also got off to an excellent start in 2012, with sales up 25 per cent in
the first quarter. Adding the Adams Golf brand will make the organization even
better equipped to serve the needs of all types of golfers, helping us continue
our quest to be the best golf company in the world in terms of the quality of
our products, our presence on Tour and the volume of our sales."
The Adams Golf business will be led by John Ward, whom TaylorMade-adidas Golf
has appointed President. A 20-year veteran of the company's sales force, John
Ward has served as Vice President of US sales for the TaylorMade brand since
2010.
About the adidas Group
The adidas Group is one of the global leaders within the sporting goods
industry, offering a broad range of products around the core brands: adidas,
Reebok, TaylorMade, Rockport and Reebok-CCM Hockey. Headquartered in
Herzogenaurach, Germany, the Group has more than 46,000 employees and generated
sales of over €13.3 billion in 2011.
About TaylorMade-adidas Golf
Headquartered in Carlsbad, California, TaylorMade-adidas Golf Company sells golf
clubs, balls, clothing and accessories under the TaylorMade, adidas Golf and
Ashworth brands. TaylorMade-adidas Golf Company posted 2011 sales of over €1.0
billion.
About Adams Golf
Adams Golf designs, assembles, markets and distributes premium quality,
technologically innovative golf clubs for all skill levels. Recently launched
products include the Speedline Fast 12 drivers, Fast 12 LS drivers and the
Speedline Fast 12 fairway woods, along with the Idea a12 OS irons and hybrids,
Idea a12 hybrids, Idea Pro a12 irons and hybrids, Idea Tech V3 irons and
hybrids, Redline irons, Idea a7 and a7 OS irons and hybrids, and Speedline 9088
UL drivers. Adams Golf also develops new products under the Yes! Putters,
Women's Golf Unlimited, Lady Fairway and Square 2 brands. In 2011, net sales
were approximately $ 97 million (€ 73 million).
***
Contacts:
Media Relations Investor Relations
Jan Runau John-Paul O'Meara
Chief Corporate Communication Officer Vice President Investor Relations
Tel.: +49 (0) 9132 84-3830 Tel.: +49 (0) 9132 84-2751
Katja Schreiber Christian Stoehr
Director Corporate Communication Investor Relations Manager
Tel.: +49 (0) 9132 84-3810 Tel.: +49 (0) 9132 84-4989
Lars Mangels Johannes Fink
Corporate Communication Manager Investor Relations Manager
Tel.: +49 (0) 9132 84-2680 Tel.: +49 (0) 9132 84-3461
Please visit our corporate website: www.adidas-Group.com
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