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Fortune Brands to Sell Golf Unit for $1.2 Billion (FO)

Diversified consumer and security products maker Fortune Brands, Inc. ( FO ) on Friday said it would sell its Acushnet Company golf business to Fila Korea Ltd. for $1.23 billion.

Acushnet includes the popular Titleist and FootJoy golf brands. Korean private equity firm Mirae Asset Private Equity is also involved with the deal in combination with Fila.

FO said the sale would generate net proceeds of $1.1 billion after taxes and expenses related to the deal.

Fortune Brands shares were mostly flat in premarket trading Friday.

The Bottom Line

Shares of Fortune Brands ( FO ) have a 1.17% dividend yield, based on last night's closing stock price of $64.89. The stock has technical support in the $60 price area. If the shares can firm up, we see overhead resistance around the $70 price level.

Fortune Brands, Inc. ( FO ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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