Fortune Brands Inc., a diversified consumer products company, said on Wednesday that it has signed an agreement with Puma AG to sell its Cobra brand of golf equipment. Puma AG is a sportswear making company based in Germany. The company said that it has taken this move to focus on its existing golf brands.

The financial terms of the deal were not disclosed by Fortune. The deal is expected to close in the second quarter of the year. Also, all the employees of Cobra will become the employees of Puma AG.

Fortune Brands now wants to focus more on its Titleist and FootJoy brands. The company sells golf balls and shoes and gloves under these brands.

"Divesting the Cobra brand will enable us to drive shareholder value by concentrating our golf investments behind Titleist and FootJoy, which represent our highest return growth opportunities in golf," said Bruce Carbonari, chairman and chief executive officer of Fortune Brands.

However, the company said that the selling of Cobra would reduce its 2010 earnings by 2 cents per share before onetime items but it also expects that the sale to provide a onetime gain of 5 cents per share.