Callaway Golf Company (NYSE:ELY) today announced that its wholly owned subsidiary, Callaway Golf Europe, Ltd, has completed the acquisition of substantially all of the assets of Top-Flite UK Limited and Top-Flite Nordic AB, effective 1st October 2003.
Callaway Golf Europe, Ltd, which currently distributes the Callaway Golf and Odyssey brands, will now also distribute the Top-Flite, Ben Hogan and Strata brands in the areas previously served by Top-Flite UK Limited and Top-Flite Nordic AB. Virtually all of the former Top-Flite employees have joined Callaway Golf Europe.
“We believe that this merger of great golf brands will permit us to serve all of the existing Callaway Golf and Top-Flite customers in ways that will benefit everyone,” said Ron Drapeau, chairman and CEO of Callaway Golf Company who has also announced the appointment of Keith Keindel to the newly created position of senior vice president, international.
Keindel is an industry veteran with 14 years of experience with The Top-Flite Golf Company. He will report directly to Patrice Hutin, president and chief operating officer of Callaway Golf.
Keindel will oversee all international sales operations for Callaway Golf and its brands. All Callaway Golf subsidiary heads, the Top-Flite international division and branch heads, and all personnel related to sales to distributors will report to Keindel.
Keindel has 20 years of experience in the retail business, including two years as president of Converse Canada. He has spent the last 14 years at Top-Flite, including 11 years as president of Spalding Canada and the past three years as executive vice president of international and licensing.
“Keith is an important addition to our global sales team,” said Patrice Hutin. “His many years of international experience in the golf industry will be a great benefit to Callaway Golf and its brands around the world.”
Further operational details on the Top-Flite acquisition will be discussed during Callaway Golf’s regularly scheduled quarterly earnings conference call with financial analysts and investors on 23rd October 2003.
Callaway Golf Company www.callawaygolf.com
Top-Flite Golf www.topflite.com.
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