Surfwear company Quiksilver has completed the US$132.5m sale of its Roger Cleveland Golf Company division to Japanese sports goods specialist SRI Sports Limited.

The sale, effective 10 December and originally announced in October, was completed with net proceeds to the US company of about $105m, which will be used to help reduce debts.

The disposal of Cleveland is likely to be the first in a series of sell-offs for Quiksilver, which said in June this year that it wanted to reduce its exposure to hardgoods manufacturing.

Quiksilver acquired Cleveland as part of the Rossignol group of brands in 2005, taking an initial stake and then acquiring the rest of the company earlier this year.

It has indicated that it may look to dispose of other subsidiary brands that were part of the acquisition, but is committed to building leading ski name Rossignol into a global lifestyle brand.