Stars Corporation to acquire Spalding
The directors of Stars Corporation, Ltd, and Fel-' tex Industries, Ltd, yesterday announced that agreement has been reached for Stars Corporation to acquire the Christchurch-based Spalding operations of Feltex Industries with effect from June 26, 1987. The purchase is subject to the approval of the Commerce Commission.
On completing the acquisition, Stars Corporation will hold an exclusive New Zealand licence to manufacture and distribute Spalding brand products, developed in the
United States. The Christchurch plant manufactures golf clubs and balls and distributes a . wide range of Spalding products Including tennis and squash racquets. Mr John Tapper, executive director of Stars Corporation, said that the acquisition of Spalding is consistent with Stars’ alm to develop and consolidate a position of leadership within selected areas of the sports and leisure industry. Stars Corporation was formed in 1986 through the merger of Kilwell Sports, Ltd, Simon Dickie
Adventures, Ltd, Puma Dart Products, Ltd, and Shawn Sports, Ltd. Mr. Hany TUrtey, general manager of Feltex Industries, said that the sale of the Spalding division, which was initiated by Stars Corporation, represented an opportunity for Spalding to join a sports oriented company. "We have been assured that the staff of the. Christchurch plant will hot be disadvantaged In any way and are certain that the operation will continue to prosper under the new arrangements,” he said. ___
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Press, 12 May 1987, Page 49
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226Stars Corporation to acquire Spalding Press, 12 May 1987, Page 49
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