Fortune Brands to split into three companies
December 9, 2010 10:47PM
DEERFIELD — Fortune Brands Inc. plans to split into three companies, keeping its liquor business led by Jim Beam bourbon while shedding the units that make Titleist golf balls, Moen faucets and Master Locks.
The company said this week it will focus on its spirits business which generates annual revenue of $2.5 billion and also includes brands such as Canadian Club and Maker’s Mark bourbon.
The home and security business, which also includes MasterBrand cabinets, will be spun off on a tax-free basis to shareholders. The golf business, which also includes FootJoy golf shoes and gloves, will be either spun off or sold.
Fortune Brands said it expects to complete separation planning within several months.