NEW YORK (Reuters) – Diversified consumer products company Fortune Brands Inc said it was selling its Cobra brand of golf equipment to German sportswear maker Puma AG to focus on its existing golf brands but said the deal would lower its 2010 earnings slightly.

Fortune Brands, which also sells spirits such as Jim Beam and Canadian Club whiskey, said the sale would include the brand, inventory, intellectual property and endorsement contracts, and that all staff dedicated to Cobra will become Puma employees after the deal closes.

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Global sportswear and apparel major Adidas on Friday announced its foray into cricket equipment business in the country and said it plans to become a leader in the over Rs 100 crore (Rs 1 billion) organised cricket gears market in the next five years.

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