TaylorMade-adidas Golf announced its is closing Adams Golf's headquarters in Plano, TX 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 over its share price prior to Adams Golf's announcement in January, 2012 that it was examining strategic alternatives.
