John Ward, a veteran sales executive with TaylorMade-Adidas Golf, has been appointed president of the company’s newest acquisition, Adams Golf.
The Adidas Group, parent of TaylorMade-Adidas Golf, announced Friday that it had completed acquisition of Adams, the equipment maker in Plano, Texas.
The purchase, for $10.80 per share in cash, is valued at approximately $70 million.
“We’ve long admired Adams Golf’s enthusiasm for incorporating performance technologies into its equipment, just as TaylorMade-adidas Golf does,” said Mark King, president and chief executive officer of TaylorMade-Adidas Golf. “Uniting the talents of the TaylorMade-Adidas Golf and Adams Golf research-and-development departments will help us develop even better equipment for the target consumers of both brands.”
TaylorMade-Adidas Golf intends to use its global distribution network to expand Adams beyond its primary U.S. customer base, King said.
Ward, a 20-year TaylorMade veteran, had been vice president of U.S. sales for the Carlsbad, Calif.-based company.
“The immediate opportunity for growth is international expansion,” King said, “and there is no one better suited to lead this charge than someone who has participated in TaylorMade-Adidas Golf’s global growth.”