Fortune Brands Closer to a Split
Fortune Brands Inc., Deerfield, Ill., in late August announced details for its split into two companies. Expected on Oct. 3, the liquor and spirits part of the business will continue but under the name Beam Inc., named after its leading bourbon brand. The faucets, kitchen cabinets and locks businesses will be spun off as Fortune Brands Home & Security.
Current shareholders will receive one share of Fortune Brands Home & Security for each share of Fortune Brands.
When the separation is completed, Bruce Carbonari, chairman and CEO of Fortune Brands, said he will retire at year end.
Remember David Mackay? The former Kellogg Co. CEO, a director of Fortune Brands since 2006, will serve as non-executive chairman of the board of Beam Inc. Matt Shattock will be CEO.
David Thomas, the lead director of Fortune Brands and the former chairman and CEO of IMS Health Inc., will be the non-executive chairman of Fortune Brands Home & Security. He’s been a Fortune director since 2007. Chris Klein will be CEO of that company.
Beam will include such brands as Jim Beam and Maker's Mark bourbon, Sauza tequila, Canadian Club whisky, Courvoisier cognac, Cruzan rum, Teacher's and Laphroaig Scotch, EFFEN vodka, Skinnygirl cocktails and DeKuyper cordials. The brands of Fortune Brands Home & Security LLC include Moen faucets, Aristokraft, Omega, Diamond and Kitchen Craft cabinetry, Therma-Tru door systems, Simonton windows, Master Lock security products and Waterloo storage and organization products.