The stock market may be more erratic than Phil Mickelson's putting, but TaylorMade-adidas Golf has decided that the time is right to make a deal. Today the company announced it is buying the Ashworth apparel company for $72.8 million, or $1.90 per share.
Ashworth is known for its classic lines for both men and women, and over the years the company has outfitted players like Fred Couples and Chris DiMarco. Ashworth was recently announced as the official outfitter of the 2009 Solheim Cup team.
Clothing by Adidas tends to focus on technologically advanced fabrics and performance, so the Ashworth brand could give TaylorMade-adidas a potent one-two punch in pro shops and golf specialty stores.
In a media release, Mark King, the president and CEO of TaylorMade-adidas Golf, said: "We are excited to bring Ashworth alongside our industry-leading TaylorMade and adidas Golf brands." According to the release, the deal should be finalized by the end of 2008.