US: Fortune Brands starts down the spin-off path
Fortune Brands is set to become Beam Inc before the end of this year
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.
Fortune Brands has turned itself into a standalone spirits company named Beam Inc. Here, just-drinks brings you stats on the company's sales and profits for wine and spirits since 2003....
Beam Inc has realigned its commercial structure in the Europe/Middle East/Africa (EMEA) region....
Beam Inc will pay off US$400m of debt thanks to a windfall received following the break-up of Fortune Brands....
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