True Temper Golf Shafts Expands Product Line

On the heels of a Chapter 11 bankruptcy filing to restructure its debt, Memphis-based True Temper Sports is launching a $10 million expansion that could create 200 jobs over the next few years.

True Temper golf shafts is expanding its manufacturing capabilities from titanium and graphite golf shafts and hockey sticks to include baseball and softball bats and lacrosse sticks. At its Amory, Miss. facility, True Temper will continue to make golf shafts and will also make lacrosse sticks, batons, antennas and some parts for the automotive and medical industries. Those products can be made through the same precision welding and finishing process as golf shafts, says Scott Hennessy, CEO of True Temper. Bats will be made at its Southern California and Asian facilities because that process involves metal forming.

The company's debt restructuring resulted from it being "over-leveraged," according to Hennessy. It reached an agreement with its secured lenders, bondholders and shareholders to restructure all of its outstanding debt. A group of investors was brought in to pay off its bank loans completely, Hennessy says, which retired $275 million of its debt. The company is offering equity to other lenders.

Prior to the restructuring, True Temper had $125 million in high yield bonds that were available on the public market. With the elimination of those bonds, True Temper will be completely private, Hennessy says.

Orginal Story at memphisjournal.com

Take a look at Golf Shafts Asia True Temper golf shaft product line at www.golfshaftsasia.com