Golf News, Source, GregNormanGolf.com.- MacGregor Golf To Acquire Greg Norman Collection; Greg Norman Makes Large Investment In MacGregor >p>Albany, GA, October 24, 2006 - MacGregor Golf, maker of MACTEC premium golf equipment, announced today that it has agreed to acquire the Greg Norman Collection apparel business ("GNC") from the adidas Group. At the same time, it disclosed that Greg Norman has purchased a significant equity stake in MacGregor Golf.
The two companies, with combined annual sales of more than $150 million, will be operated post-closing on a consolidated basis with MacGregor Golf's CEO, Barry Schneider, and Norman controlling a majority of the shares.
"The real winner in this transaction is the golf consumer. Greg Norman is totally engaged in this business, and his unique talent and uncompromising approach will make us a better company," said Barry Schneider, Chairman and CEO of MacGregor Golf. "We do not want to be the biggest golf company in the world, only the best. This transaction is another step down that strategic path."
Norman will serve on the MacGregor Golf Board of Directors and will take on a proactive role with sales and marketing, product development and international distribution.
"I have experienced the benefits of Cup Face 360°™ technology, and believe in the vision Barry has laid out for MacGregor Golf," said Greg Norman. "And I feel a tremendous sense of pride and gratification in acquiring a significant ownership stake in the brand that bears my name. Greg Norman Collection has exceeded my expectations over the years, and I am looking forward to working with the existing management team to build on the momentum we have established."
The transaction is highly synergistic as MacGregor's strong international operations, particularly in Japan and South Korea, will afford Greg Norman Collection a robust and structured entrée into these two coveted Asian markets. At the same time, Greg Norman Collection, which has achieved 12 consecutive quarters of sales growth, contributes quality US distribution and a growing domestic market share.
MacGregor Golf and Greg Norman Collection will maintain their independence with corporate offices in Albany, GA, New York, NY and Canton, MA, respectively. Reid Gorman will continue to serve as President of MacGregor Golf, while Suzy Biszantz will remain as President and Chief Executive Officer of Greg Norman Collection.
As a combined entity, MacGregor Golf and Greg Norman Collection will possess a diversified portfolio that has the scope and agility to capitalize on opportunities in both golf and leisure.
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The couple met in 1979 and married on July 1, 1981 in Old Town Alexandria, Va. They have two children, ages 24 and 20.
Golf News, Source, Pga.com/news- SYDNEY, Australia (AP) -- Greg Norman says his 25-year marriage to his wife Laura is over and that the couple plans to divorce.
"Laura and I will be getting a divorce and both of us obviously want to have our privacy protected," the Florida-based Norman told The Sydney Morning Herald on Thursday.
Norman, 51, had been in Australia for the past two weeks but revealed the breakup before returning to the United States on his jet.
"It's not the nicest of things to go through, and I'll be saying 'no comment' from here on in response to any specific questions," Norman told the newspaper. "We both want to do it amicably. That's the best way of going about it. We've had 27 years together and, absolutely, we will remain friends."
Asked why the marriage had failed, he replied: "I don't want to go into that. That's not worth the public's knowledge."
Norman said there was no "third party" involved -- "it has no bearing on the situation."
The Herald said divorce papers would be filed with courts in the United States soon. T
he couple met in 1979 and married on July 1, 1981, in Old Town Alexandria, Va. They have two children, a daughter, Morgan-Leigh, 24, and Gregory, 20.
Norman has 86 career wins, including the 1986 and 1993 British Open championships.
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