Fortune Brands is set to become Beam Inc before the end of this year

Fortune Brands is set to become Beam Inc before the end of this year

Fortune Brands has taken a step closer to its proposed unit spin-offs, before moving to concentrate solely on its Beam Global Spirits & Wine division.

The US-based firm confirmed earlier today (6 May) that its 'Home & Security' business has filed an initial Form 10 Registration Statement with the Securities & Exchange Commission in the US. The form “details historical operating results for Home & Security, as well as the strategy and fundamentals that we believe position the business to create substantial value for shareholders as the home products market recovers”, said Fortune's chairman and CEO, Bruce Carbonari.

As well as spinning off Home & Security, Fortune intends to either sell or spin off its Acushnet golf business, before becoming a pure-play spirits company, which will be named Beam Inc.

“Filing the Form 10 is another important milepost as we execute our proposed plan to separate our businesses in order to maximise long-term value for our shareholders,” Carbonari added.

As it announced its Q1 results yesterday, Fortune also said that it expects the move to complete early in the fourth quarter.