FORSTMANN LITTLE & CO. TO ACQUIRE ALDILA
FORSTMANN LITTLE & CO. TO ACQUIRE ALDILA NEW YORK, Dec. 16 /PRNewswire/ -- Forstmann Little & Co. announced
today that it has signed a definitive agreement to acquire Aldila, Inc., the world's leading manufacturer of composite shafts for the golf club industry, from the Company's management. Terms of the transaction were not disclosed.
Wm. Brian Little, general partner of Forstmann Little, said, "Aldila has demonstrated outstanding growth over the past several years and now holds 50 percent of the U.S. and 30 percent of the worldwide graphite shaft market. Aldila has achieved this dominant position through its technological leadership and low-cost production capabilities." Little added, "With sales more than four times greater than those of its largest competitor, Aldila is well-positioned to take advantage of the increasing popularity of golfing and graphite golf clubs. We look forward to working with Aldila's superior management team to maximize their outstanding growth potential. We are particularly pleased that Vincent T. Gorguze, chairman and chief executive officer, Gary T. Barbera, president and chief operating officer, and Kim Carpenter, senior vice-president of sales and marketing will continue in their current management positions and remain substantial investors in the company." Gorguze said, "We are delighted to join Forstmann Little. The firm's extensive capital resources and long-term commitment to its investments will enable Aldila to build upon its leading market position." Aldila, Inc., headquartered in San Diego, is the world's leading designer and manufacturer of composite (mainly graphite) golf club shafts. Today, Aldila produces the most extensive and popular line of graphite shafts available. These premier shafts are custom designed and manufactured by Aldila to meet the performance specifications of club makers around the world. The company's product line consists of approximately 13 standard model shafts as well as 150 custom designed composite shafts. The company has over 2,400 customers worldwide, representing most of the leading golf club companies. Founded in 1978, Forstmann Little & Co. is a New York-based investment partnership which acquires or makes significant investments in operating companies. -0- 12/16/91 R /CONTACT: George Sard and Tom Sanford of Adams & Rinehart, 212-557-0100, for Forstmann Little/ CO: Forstmann Little & Co.; Aldila, Inc. ST: New York, California IN: SU: TNM PS -- NY070 -- 2755 12/16/91 18:39 EST
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|Date:||Dec 16, 1991|
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