TaylorMade-Adidas Golf is closing the Plano, TX headquarters of Adams Golf as part of a restructuring announced two weeks ago.
“This restructuring includes the consolidation of our Adams Golf business currently located in Plano, TX to our global headquarters in Carlsbad, CA,” Adidas wrote in a statement released to the media Aug. 12. “We are also realigning our workforce at TaylorMade to better meet the needs of our business and ultimately, our consumers. This includes investing in new areas to strengthen our brands and strategically approach our future to reinforce our leadership in the industry.”
The Adidas Group acquired Adams Golf for approximately $70 million in 2012, or a premium of approximately 71 percent more than its shares had been trading at prior to Adams Golf's January, 2012 announcement that it was examining strategic alternatives.
Adidas Group announced a restructuring of TaylorMade-Adidas Golf July 31, saying it needed to reduce costs in the wake of an 18 percent sales decline in the second quarter.
