Fuqua Industries Gets New Name
ATLANTA (AP) _ Fuqua Industries Inc., the parent firm of Snapper lawn mowers and other companies, said today it is changing its name to the Actava Group Inc.
The new name is the latest change for the company, which has undergone a management reshuffling and tried to change its corporate focus over the last two years.
″The Fuqua name was synonymous with conglomerates and an era we are trying to get away from,″ said Chief Executive Charles ″Red″ Scott.
The new name, he said, ″connotes activity, action and exuberance.″
Scott, who came to head the company in a shakeup that led to the departure of founder J.B. Fuqua, has tried to narrow Actava’s focus on the sports and leisure industry.
The company wants to divest itself of the Snapper division, but Scott told reporters today that no deal is imminent. He said talks are under way about acquisitions of other sports and leisure companies, but he declined to identify the targets.
Actava’s other subsidiaries include Diversified Products Corp., a maker of fitness equipment; Hutch Sports USA Inc., which makes sporting goods and licensed athletic items; Nelson/Weather-Rite Inc., a manufacturer of camping equipment; Qualex Inc., a photofinishing joint venture with Eastman Kodak; and Willow Hosiery Co. Inc.
Since Scott took the helm of Fuqua, the company has gone from a money loser to a profit maker, but its stock price has remained disappointingly low.
In early trdaing today on the New York Stock Exchange, Fuqua was off 12 cents a share at $8.50.