Sumitomo Company to Purchase US Sporting Goods Maker

SRI Sports Ltd., a division of the Sumitomo Rubber Group, has announced that it will acquire the US company Cleveland Golf Co. for US$132.5 million. The Japanese sporting goods maker will buy all outstanding shares in the California based company, the fifth-ranking maker of golf clubs in the United States, from Quiksilver Inc. SRI Sports hopes to complete the share acquisition procedures by the year-end. Through the acquisition, SRI Sports, which makes Dunlop brand golf and tennis goods, is aiming to expand its business in the United States.