Quiksilver sells Cleveland Golf unit
NEW YORK, Oct 30 (Reuters) - Surfing-inspired apparel maker Quiksilver Inc (ZQK.N: Quote, Profile, Research, Stock Buzz) said on Tuesday that it has sold its Cleveland Golf Co Inc subsidiary for $132.5 million to Japan's SRI Sports Limited.
Quiksilver said it would use the net proceeds from the sale to repay existing debts.
The company had originally acquired a stake in Cleveland in 2005 as part of its acquisition of the Rossignol Group, and the remaining interest in the business had been acquired in 2007, it said.
The company said it is also evaluating ways to reduce its exposure to risk in some of its non-core winter equipment businesses.
Quiksilver said it had been advised by JPMorgan on the deal. (Reporting by Emily Chasan)
© Thomson Reuters 2008 All rights reserved
Help us advance this story. Provide relevant links or share your insights using our comment box. Please be considerate and help us by reporting any abuse you find. Reuters will delete comments that don't meet community standards.
Have a correction to this article? Email the editors
Cash injection
N.Korea off U.S. terror list