adidas completes divestiture of Greg Norman Collection to MacGregor
27 Nov '06
1 min read
adidas AG announced that it has formally completed the divestiture of the Greg Norman Collection (GNC) apparel business to the MacGregor Golf Company.
The transaction excludes existing GNC-related retail outlet operations.
As previously announced, financial details will not be disclosed. Following completion of the divestiture of the GNC apparel business, GNC will be included within the Group's results until the end of November 2006.
Headquartered in New York, the Greg Norman Collection is a worldwide marketer and distributor of men's sportswear, golf apparel and accessories.
The GNC business which will be sold in this transaction reported sales of approximately € 55 million in 2005.
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