Fila Korea completes acquisition of Titleist owner Acushnet Holdings

Fila Korea Ltd., a leading shoe and apparel brand, has completed the acquisition of Acushnet Holdings Corp., becoming a controlling stakeholder of the Massachusetts-based company that owns Titleist, world’s largest manufacturer of golf balls and equipment. The latest acquisition that ups Fila Korea’s stake in Acushnet Holdings to 53.1 percent comes after it purchased 33.1 percent stake in the U.S. company in 2011 as part of efforts to seek growth through aggressive merger and acquisitions.

“I am filled with emotions now that we have completed the acquisition (of Acushnet Holdings) after five years of effort and have become the owner,” said Yoon Yoon-soo, chairman and chief executive of Fila Korea, on Tuesday. “I believe this is not the end but just a new beginning.”

Yoon, 71, is considered a businessman behind Fila Korea who has been putting out efforts to nurture the local brand as a global sports group. Fila Korea took over its mother company in Italy in 2007 and ever since has embarked on a journey to build up the brand. It bought 33.1 percent stake in Acushnet Holdings in 2011 before purchasing an additional 20 percent stake recently after the U.S. company went public on New York Stock Exchange in October.

The latest acquisition has led Fila Korea to become a global brand with more than 200 billion won ($171.6 million) in operating income and 2.5 trillion won in annual sales. Last year, Acushnet reaped 120 billion won in operating profit on sales of 1.7 trillion won while Fila Korea raised 80 billion won in operating income on sales of 815.7 billion won.

Yoon said that Fila Korea will continue to support steady growth of Acushnet Holdings and respect its corporate culture.

Acushnet is world’s largest manufacturer of golf equipment that owns Titleist golf club and balls, as well as FootJoy shoes, gloves, and functional clothing. Titleist in particular accounts for 50 percent or more of global golf ball market.

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