FAIRHAVEN, Mass. -- Acushnet Company, the golf business of Fortune Brands, Inc., completed the previously announced sale of the Cobra golf brand to PUMA AG. The transaction includes the Cobra brand, as well as related inventory, intellectual property and endorsement contracts.

"With the sale of Cobra complete, we have the opportunity to devote all of our resources to the global growth of our industry-leading Titleist and FootJoy brands," said Wally Uihlein, Chairman and CEO of Acushnet Company. "This laser focus and our long-standing commitment to deliver superior performance, quality and service will strengthen golfers' trust in the Titleist and FootJoy brands in all global markets."

Acushnet will continue to provide transition services to PUMA on behalf of Cobra - including production, distribution, field sales and customer service - for an agreed-upon period of time.

Financial terms of the transaction have not been disclosed.

Acushnet Company is an operating company of Fortune Brands, Inc. (NYSE - FO).

Contact: Joe Gomes, Director of Communications, Acushnet Company (508.979.3211)