Acushnet Holdings (NYSE: GOLF) sets Vietnam FootJoy joint venture with Myre

Rhea-AI Filing Summary

Acushnet Holdings Corp. disclosed that its wholly owned subsidiary Acushnet Cayman Limited entered into a Subscription and Shareholders’ Agreement with Myre Overseas Corp. to form a joint venture company, ACL FootJoy Pte. Ltd., focused on sourcing raw materials and arranging footwear manufacturing in Vietnam under Acushnet-owned brands. Acushnet Cayman owns 40% of ACL FootJoy’s ordinary shares and Myre owns 60%.

The agreement gives Acushnet Cayman and its designees the sole and exclusive right to purchase, distribute and arrange worldwide sales of all footwear produced at factories owned or controlled by Myre and its affiliates. The ACL FootJoy board can have up to six directors, with three appointed by Acushnet Cayman and three by Myre, and the board chair must be an Acushnet-appointed director who holds a casting vote in case of deadlock.

Certain key decisions, including the annual business plan and budgets, require board approval that includes at least one Acushnet-appointed director, and share transfers by either shareholder require board approval including all directors appointed by the other shareholder. Acushnet and Myre already operate a separate joint venture, Acushnet Lionscore, Ltd., focused on footwear in China.

Insights

Equity & strategic partnerships analyst

Acushnet expands its FootJoy footwear supply chain via a controlled Vietnam joint venture.

Acushnet Holdings Corp., through Acushnet Cayman, has formed ACL FootJoy Pte. Ltd. with Myre Overseas Corp. to handle raw material sourcing and footwear manufacturing in Vietnam under Acushnet-owned trademarks. Although Myre holds 60% of ACL FootJoy’s ordinary shares compared with Acushnet’s 40%, the structure grants Acushnet exclusive purchasing and distribution rights for all products from the Myre-controlled factories.

Governance terms are notable: the board can have up to six directors, split evenly between the two shareholders, but the chair must be an Acushnet-appointed director and holds a casting vote in deadlocks. Key matters such as the annual business plan, operating budget and capital expenditure budget require a board majority that includes at least one Acushnet director, and any share transfers need approval by a majority that includes all directors appointed by the non-transferring shareholder.

This structure gives Acushnet meaningful operational and strategic influence despite its minority equity stake, while leveraging Myre’s manufacturing base in Vietnam. Together with the existing Acushnet Lionscore joint venture in China, ACL FootJoy could diversify the geographic footprint of FootJoy footwear production, with future disclosures in company filings likely to describe financial contributions once operations mature.

0001672013falseJanuary 06, 202600016720132026-01-062026-01-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported) January 06, 2026

Acushnet Holdings Corp.

(Exact name of registrant as specified in its charter)

Delaware			001-37935			45-2644353
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)

333 Bridge Street			Fairhaven,			Massachusetts			02719
(Address of principal executive offices)									(Zip Code)

 

(800) 225‑8500

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock - $0.001 par value per share

GOLF

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Item 1.01 Entry into a Material Definitive Agreement.

On January 6, 2026, Acushnet Cayman Limited (“Acushnet Cayman”), a limited company incorporated under the laws of the Cayman Islands and a wholly owned subsidiary of Acushnet Holdings Corp. (the “Company”), entered into a Subscription and Shareholders’ Agreement (the “Agreement”) by and among Acushnet Cayman, Myre Overseas Corp. (“Myre”) and ACL FootJoy Pte. Ltd. (“ACL FootJoy”), pursuant to which Acushnet Cayman and Myre (together, the “Shareholders”) formed a joint venture and subscribed for shares in the capital of ACL FootJoy with the primary purpose of sourcing raw materials for, and contracting for the manufacture and production of, footwear in Vietnam (the “Products”), under trademarks and brand names owned by Acushnet Company, a wholly owned subsidiary of the Company, at one or more factories owned and/or controlled by Myre and/or its affiliates (the “Footwear Factories”). Pursuant to the Agreement, Acushnet Cayman and its designees have the sole and exclusive right to purchase and distribute, and to arrange for the worldwide sale and distribution of, all Products manufactured or produced at the Footwear Factories.

Pursuant to the terms of the Agreement, Acushnet Cayman and Myre own 40% and 60%, respectively, of the issued and outstanding ordinary shares of ACL FootJoy, and the Agreement sets out the basis on which the Shareholders have agreed to conduct the business and manage the future affairs of ACL FootJoy. Among other things, the Agreement provides that (i) the board of directors of ACL FootJoy (the “Board”) shall consist of up to six directors (the “Directors”), (ii) Acushnet Cayman shall be entitled to appoint three Directors (the “Acushnet Directors”), (iii) Myre shall be entitled to appoint three Directors, (iv) the chair of the Board (the “Chair”) shall be an Acushnet Director and (v) the Chair shall have a second or casting vote in the event of a voting deadlock among the Directors.

The Agreement also provides that (i) the determination, adoption and/or modification of the annual business plan, operating budget and capital expenditure budget of ACL FootJoy will each require the approval of a majority of the Board, which majority must include at least one Acushnet Director, (ii) any amendment to ACL FootJoy’s organizational documents will require a special resolution approved by each of the Shareholders and (iii) neither Shareholder may sell, assign, transfer, mortgage, pledge or otherwise encumber or convey any of its ordinary shares of ACL FootJoy unless such transaction is approved by a majority of the Board, which majority must include all of the Directors appointed by the other Shareholder.

As previously disclosed, the Shareholders are parties to a Joint Venture Agreement, dated as of June 1, 1995, pursuant to which the Shareholders jointly own and operate Acushnet Lionscore, Ltd. for the primary purpose of trading in and manufacturing, in China, footwear under trademarks and brand names owned by Acushnet Company.

The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
10.1						Subscription and Shareholders’ Agreement between Acushnet Cayman Limited, Myre Overseas Corp. and ACL FootJoy Pte. Ltd. dated as of January 6, 2026.
104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			ACUSHNET HOLDINGS CORP.
			By:			/s/ Sean Sullivan
			Name:			Sean Sullivan
			Title:			Executive Vice President, Chief Financial Officer

Date: January 8, 2026

FAQ

What new agreement did Acushnet Holdings Corp. (GOLF) enter into?

Acushnet’s subsidiary Acushnet Cayman Limited signed a Subscription and Shareholders’ Agreement with Myre Overseas Corp. to form ACL FootJoy Pte. Ltd., a joint venture to source raw materials and arrange footwear manufacturing in Vietnam under trademarks owned by Acushnet Company.

How is ownership of ACL FootJoy structured between Acushnet Cayman and Myre?

Under the agreement, Acushnet Cayman owns 40% of the issued and outstanding ordinary shares of ACL FootJoy and Myre owns 60%, with both parties designated as shareholders in the joint venture.

What rights does Acushnet receive over products made in the Vietnam footwear factories?

Acushnet Cayman and its designees receive the sole and exclusive right to purchase and distribute, and to arrange worldwide sale and distribution of, all footwear products manufactured or produced at the Myre-owned or controlled factories in Vietnam.

How is the ACL FootJoy board of directors composed and controlled?

The board may have up to six directors, with three appointed by Acushnet Cayman and three by Myre. The chair must be an Acushnet-appointed director and has a second or casting vote in the event of a voting deadlock among the directors.

What approvals are required for key business decisions at ACL FootJoy?

The annual business plan, operating budget and capital expenditure budget each require approval by a board majority that includes at least one Acushnet-appointed director. Amendments to ACL FootJoy’s organizational documents require a special resolution approved by both shareholders.

Are there restrictions on share transfers in the ACL FootJoy joint venture?

Yes. Neither shareholder may sell, assign, transfer, mortgage, pledge or otherwise encumber or convey its ordinary shares of ACL FootJoy unless the transaction is approved by a board majority that includes all directors appointed by the other shareholder.

Does Acushnet have other footwear joint ventures with Myre-related parties?

Yes. The companies are already parties to a Joint Venture Agreement dated June 1, 1995, under which they jointly own and operate Acushnet Lionscore, Ltd. for trading and manufacturing footwear in China under trademarks owned by Acushnet Company.