South Korean sporting goods retailer Fila is set to purchase Fortune Brands Inc's (FO.N) Acushnet golf business for about $1.2 billion, a source familiar with the matter told Reuters on Friday. Fortune Brands announced plans late last year to sell or spin off its golf business, which makes Titleist golf equipment, and spin off its home products business, which makes Simonton windows and Moen faucets, amid pressure from activist investor William Ackman..
Fortune Brands, Inc. is a holding company with operating companies engaged in the manufacture and sale products, such as distilled spirits, home and security products, and golf products. Shares of FO remained unchanged at $64.89. In the past year, the shares have traded as low as $37.05 and as high as $65.48. On average, 801532 shares of FO exchange hands on a given day and today's volume is recorded at 0.
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