US Golf Companies To Merge

McHenry Metals and Carbite Golf have signed a letter of intent to combine their golf equipment manufacturing businesses through a corporate merger.

The deal, subject to due diligence, the drawing up of a definitive agreement, and shareholder and regulatory approvals, is planned for completion during early 2001.

Both companies offer a complimentary product mix - McHenry with its drivers
and Carbite with its putters and wedges - though each has struggled
financially.

The combined entity would have turned over approximately $17 million (£12
million) in 2000 but profits would have been negligible.