Fortune Brands, a consumer products company based in Deerfield, Illinois, has announced today that it plans to split into three separate companies. Fortune Brands said it will focus on its spirits business which generates annual revenue of $2.5 billion and includes brands such as Jim Beam bourbon, Canadian Club and Maker's Mark.
The home and security business, which includes well-known brands such as Moen faucets, Master Locks and MasterBrand cabinets, will be spun off on a tax-free basis to shareholders.
The golf business, which features brands such as Titleist golf balls and FootJoy golf shoes and gloves, will be either spun off or sold.
The company said the plan is the result of its ongoing strategic review over the past four years and is expected to be completed within several months. The separation is subject to various conditions including regulatory approvals.
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