PING purchases five Nike golf club and golf ball patents
Nike Golf’s announcement that it was exiting the golf club business last August is still creating some interesting developments, with the latest coming from the PING camp, which has purchased the patents for five of the brands golf clubs and golf balls.
PING’s parent company Karsten Manufacturing Corporation confirmed to the Phoenix Business Journal it had picked up the patents on Tuesday.
PING President John K. Solheim said in a statement: "We see this as an opportunity to add utility patents to our already significant intellectual property portfolio.
"Our team can use these patents, along with our existing intellectual property, to our competitive advantage, accelerating our ability to further technology that ultimately leads to higher performing, score-lowering golf equipment."
There was no detail around the terms of the deal, but five of Nike’s patents were reported to be purchased by Karsten Manufacturing Corporation.
Nike Golf continues to have a stronghold in the golf apparel and footwear world, however, as the company signed Jason Day at the beginning of 2017 to an apparel contract, and improved Rory McIlroy's contract with a 10-year extension in April.