Global Edition

Top-Flite UK welcomes Callaway deal

9.00am 2nd July 2003 - Corporate

The sale of Top-Flite to a well-capitalized buyer will enable Top-Flite to maximize value for the benefit of customers, employees, suppliers and communities.

“We believe that the Top-Flite Company will ultimately benefit from being part of a larger, strategic competitor that is positioned to maximize the value of our industry-leading brands and products,” states Scott Lucas, managing director for Top Flite UK.

“Top Flite UK is involved in the sale but not the bankruptcy proceedings, therefore it is business as usual in our markets without interruption. The proposed sale of Top-Flite to Callaway is viewed in a very positive light and will allow Top-Flite golf to remain a strong competitor within the industry. All of our products will continue to be available and we will continue to move forward with the continued development and growth of all our brands.”

Ron Drapeau, chairman, president and CEO of Callaway Golf, said, “Our acquisition of the Top-Flite assets free from the significant debt load that burdened the company should permit us to reverse the recent decline of the Top-Flite brand in the golf ball marketplace. We also believe that our consolidated golf ball operations will provide Callaway Golf and its shareholders with the solution to the profitability drain that has dogged our golf ball business since start-up. Moreover, the acquisition of the Top-Flite and Ben Hogan brands in golf clubs permits us to participate in categories and channels where the Callaway Golf brand has been absent or had little presence. Overall, we see this as an opportunity to compete effectively in a broad range of golf equipment business segments. We have every reason to believe that we will receive all needed approvals to complete the transfer of these Top-Flite assets to Callaway Golf later this year.”

The Top-Flite Golf Company, formerly part of Spalding Sports Worldwide, is the world’s largest golf ball manufacturer. Under The Top-Flite Golf Company umbrella are the Top-Flite, Strata and Ben Hogan brands.

Top Flite

Callaway Golf Company

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