Quiksilver Sheds Golf Division
Surfwear maker Quiksilver Inc. said it plans to sell its Cleveland Golf unit to a Japanese company for $132.5 million by early 2008.
The golf division was a drag on profits. In a statement, Quiksilver’s Chief Executive Robert McKnight said that Cleveland Golf was not a strategic asset for the company as it tried to maximize its core brands and businesses.
Quiksilver, based in Huntington Beach, Calif., acquired a portion of Cleveland Golf when it purchased the Rossignol Group in 2005. In a separate transaction in September, it acquired the rest of the golfing unit’s stock in September.
Quiksilver is selling 100 percent of its Cleveland Golf stock to SRI Sports Ltd. in Japan. —Deborah Belgum
