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SPALDING BEEFS UP ITS GOLF PRESENCE IN BEN HOGAN ACQUISITION
Published November 4, 1997
Evenflo and Spalding Holdings Corp., parent of Spalding Sports Worldwide, has signed a letter of intent to acquire certain assets of the Ben Hogan Company, primarily in exchange for stock in Evenflo & Spalding Holdings Corp. The deal is expected to close within 30 days. Terms of the deal were not disclosed (Evenflo/Spalding). Hogan will move its headquarters from Richmond, VA, to Chicopee, MA, "where Spalding is based," according to Bob Rayner of the RICHMOND TIMES-DISPATCH. Hogan CEO Leonard Slater said that Spalding is buying "most, but not all," of Hogan's assets and added that while "some" of the company's 100 employees in the Richmond area will have a chance to move to MA, "others will lose their jobs." Slater also said that it is "still not clear" when the operations will move to MA (RICHMOND TIMES- DISPATCH, 11/4). In Tampa, Jerome Stockfish reports that Hogan is "especially strong in golf course pro shops, a lucrative market." Evenflo/Spalding VP Michael Kipphut: "That's an area we're trying to concentrate on" (TAMPA TRIBUNE, 11/4). GOLFWEEK's Lynn Henning called the deal "a shrewd move by Spalding," giving it the "same kind of three- tier retail presences (along with its Spalding and Top-Flite labels) that the Maxfli/Slazenger/Dunlop international grouping has" in the U.S. (GOLFWEEK, 11/1 issue).