Acushnet Company Consolidates Golf Club Business.

FAIRHAVEN, Mass.--(BUSINESS WIRE)--Aug. 2, 1999--

Wally Uihlein, President and CEO, Acushnet Company, which is comprised of Titleist and FootJoy Worldwide and Cobra Golf Incorporated, announced plans to consolidate its Titleist and Cobra golf club business effective immediately. While the Titleist and Cobra brands will remain separate entities, every facet of their golf club operations will be streamlined to more efficiently utilize their synergies.

"We have addressed the trends and realities of the marketplace and determined that the consolidation of all functions of the Titleist and Cobra golf club business is the most efficient way to coordinate internal operations of the brands and continue to effectively service our customers and consumers," commented Uihlein. "With particular attention to the assembly, sourcing, distribution and research and development, both brands will ultimately benefit from this desire to make best use of available resources."

Specifics of the consolidation include the following:

- A reduction of Titleist and Cobra golf club facilities in

southern California from a total of six buildings to three.

- One of the three buildings to be occupied is a new facility that

will accommodate assembly and raw material staging. The facility

transition is expected to be complete by January 1, 2000.

- Due to the consolidation of facilities, streamlining of

responsibilities in all departments, and the application of a

real world sales forecast in a soft golf club market, the

combined Titleist and Cobra golf club workforce has been reduced

by 150.

- The sales forces for Titleist and Cobra golf clubs will remain

separate.

"The cost effectiveness of the consolidation and downsizing of our golf club operations is enhanced by the more efficient utilization of facilities that we already lease," added Uihlein. "These aggressive cost initiatives will allow the Acushnet Company to reinvest much of these savings back into the brands and continue to compete in the globally competitive golf club marketplace."

Titleist golf club products include the popular DCI iron line, Titleist Titanium drivers, Vokey Design wedges and Scotty Cameron by Titleist putters. Cobra Golf manufactures the recently introduced line of Gravity Back irons and drivers, as well as Baffler fairway metals, Trusty Rusty wedges and Bobby Grace by Cobra putters.

Titleist and FootJoy Worldwide and Cobra Golf Incorporated comprise the Acushnet Company, an operating company of Fortune Brands (NYSE: FO). For more information, please visit us online at www.titleist.com or www.cobragolf.com or contact Joe Gomes, Manager Media Relations (508/979-3211).