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Etonic Bomb: Spalding Close To Deal To Sell Longtime Brand
Published April 2, 2003
Spalding Sports Worldwide is close to selling its Etonic golf footwear and glove brand to a group headed by former Dexter VP Ted Alfond, according to E. Michael Johnson of GOLF WORLD BUSINESS. Sources said that the deal "is likely to happen on or before" April 15. Once the deal is completed, "it is expected" that former Dexter execs Dan Ladd and Karen Pitts "will be brought in to help run" the Etonic business. Etonic currently holds 1.8% of the glove market at on- and off-course shops. Spalding also owns the Hogan, Strata and Top-Flite golf brands, and one source said that Strata "would be folded back under the Top-Flite brand," which would give the company "a two-tiered approach in golf clubs and balls." But the source "did not rule out that the brands also might be sold in the future, although the indication was that nothing was imminent" (GOLF WORLD BUSINESS, 4/1). As reported in Monday's issue of THE DAILY, Spalding is close to selling its non-golf business to Russell Athletic for an estimated $65M (THE DAILY).