Fortune Brands Announces Stock Listings for Proposed Indie Companies
on 03/07/11 at 1:32 pmIndustry
Companies Expect to Trade on New York Stock Exchange with Ticker Symbols “BEAM” and “FBHS” Upon Anticipated Separation in Early Fourth Quarter.
Fortune Brands, Inc. FO +0.02% today announced that, upon completion of its proposed separation plan, two of its businesses expect to trade as independent companies on the New York Stock Exchange.
Fortune Brands Home & Security, which the company intends to spin-off to shareholders, anticipates trading under the ticker symbol “FBHS.” The remaining company, a pure-play spirits company to be renamed Beam Inc., intends to trade as “BEAM” and the current “FO” ticker symbol will be discontinued.
“Consumers have called the Beam name for years — soon our investors will be able to, as well,” said Beam president and chief executive officer Matt Shattock. “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.”
Chris Klein, president and chief executive officer of Fortune Brands Home & Security said: “Preparing to list on the New York Stock Exchange under the symbol FBHS is another exciting step towards the spin-off of Fortune Brands Home & Security. As we become a focused publicly traded company, we’re determined that investors associate FBHS with industry leadership and outperformance.”
The proposed separation plan remains on track for completion early in the fourth quarter, and Fortune Brands expects to announce further details related to the spin-off of Fortune Brands Home & Security later this summer. The spin-off remains subject to completion of detailed separation plans, customary regulatory approvals and final Board approval. As previously announced, the company has signed a definitive agreement to sell its Acushnet Company golf business for $1.225 billion to a group led by Fila Korea Ltd. and Mirae Asset Private Equity. The sale of Acushnet is expected to close later this summer.
About Fortune Brands
Fortune Brands, Inc. is a leading consumer brands company. Its operating companies have premier brands and leading market positions in distilled spirits, home and security, and golf products. The major spirits brands of Beam Global Spirits & Wine, Inc. include Jim Beam and Maker’s Mark bourbon, Sauza tequila, Canadian Club whisky, Courvoisier cognac, Cruzan rum, Teacher’s and Laphroaig Scotch, EFFEN vodka, Skinnygirl margarita 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. Acushnet Company’s golf brands include Titleist and FootJoy. Fortune Brands, headquartered in Deerfield, Illinois, is traded on the New York Stock Exchange under the ticker symbol FO and is included in the S&P 500 Index and the MSCI World Index.
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This press release contains statements relating to future events, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned that these forward-looking statements speak only as of the date hereof, and the company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date of this release. In addition to final Board authorization, the potential separation of Fortune Brands’ companies will also be subject to the receipt of a number of customary regulatory approvals and/or rulings, the execution of intercompany agreements and finalization of other related matters. There can be no assurance that any of the proposed transactions will be completed as anticipated or at all.
SOURCE: Fortune Brands, Inc.