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Fortune Brands has announced that it has agreed to sell Cobra Golf to German sportswear maker Puma.

Fortune’s golf business Acushnet Company will maintain control of the Titleist and FootJoy brands.

Acushnet chairman and chief executive Wally Uihlein said: "With the sale of Cobra, we have the opportunity to devote all of our resources to the global growth of our industry-leading Titleist and FootJoy brands.

"At the same time, Cobra is a strong brand with a heritage of innovation, and we wish the quality associates guiding the brand future success. Golfers and our valued partners will remain the key focus throughout the impending sale and we are confident that our customers will continue to be serviced to our high standards.

"Titleist and FootJoy are powerful golf brands that are poised for long-term growth. This laser focus and our long-standing commitment to deliver superior performance and quality will strengthen golfers' trust in the Titleist and FootJoy brands in all global markets."