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DON'T CRY FOR THEM: TEAR DROP TO ACQUIRE TOMMY ARMOUR GOLF
Published November 3, 1997
NJ-based Tear Drop Golf Co. is expected to announce today an agreement to acquire Tommy Armour Golf Co. from U.S. Industries for "about" $24.5M in stock and cash, according to the WALL STREET JOURNAL. Tear Drop said it will pay "about" $10M in cash and the rest in stock, giving U.S. Industries a "substantial stake" in the company. Tear Drop, best known for its putters and wedges, said that the Armour purchase will enable it to offer a "full-line of premium clubs," and put it in a "better position to develop" contracts with pro players. Tear Drop will maintain its operations in Union, NJ, while Armour will continue to be based in Morton Grove, IL (WALL STREET JOURNAL, 11/3).