FORMER CIGARETTE MAKER INVESTS MORE IN GOLF
By Adnews Staff
Former U.S. tobacco giant American Brands is buying Cobra Golf Inc. of California for $700 million(US). American Brands makes Foot Joy golf shoes and Titleist golf clubs while Cobra makes premium-priced golf equipment. The deal moves American Brands into the premium-priced market and gives Cobra more resources to battle its chief rival, Callaway Golf Company. American Brands, which is based in Old Greenwich, Connecticut, sold its U.S. tobacco unit in June to focus on consumer goods. It still owns the Britain-based Gallagher tobacco business.
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