By Emily Bryson York/McClatchy Newspapers
CHICAGO – Fortune Brands Inc., the Deerfield, Ill.-based company that has made everything from golf carts to Bourbon, said it now plans to split into two publicly traded companies.
Fortune announced in December that it would split into three companies. Since then, it has reached a deal to sell its Acushnet Co. golf business to Fila Korea Ltd. and Mirae Asset Private Equity for $1.23 billion. It is expected to close this summer.
Early in the fourth quarter, Fortune plans to split its remaining alcohol and home businesses into Beam Global Spirits and Wine, which will trade under the ticker “BEAM,” and Fortune Brands Home amp& Security, which will use the ticker “FBHS.” The company’s “FO” ticker will be discontinued.
“Consumers have called the Beam name for years – soon our investors will be able to, as well,” Beam President and CEO Matt Shattock said in a statement. “It will be fitting for our pure-play spirits company to trade under the ticker symbol BEAM, which reflects our company name, our flagship brand and the centuries of heritage and authenticity behind our portfolio of leading premium spirits brands.”
Further details regarding the home and security spin-off will be released later this summer, according to the company press release. The spin-off is subject to board and regulatory approvals.