Fortune Brands Splits Into Three Companies
on 09/12/10 at 7:39 pmIndustry
Maker of Jim Bean, Titleist golf supplies, and Moen faucets to split
Fortune Brands Inc., the company that makes a variety of consumer products including liquor, golf products, and home furnishings, announced on Wednesday that it would split into three companies.
Fortune makes alcohol under the brands Jim Beam and Maker’s Mark; golf balls, supplies, and apparel under the brand Titleist; as well as faucets under the brand Moen. The company said on Wednesday that it would separate its golf and home- products businesses into two separate companies.
Under pressure from its shareholders, who argue that the company would be more valuable—and profitable—as separate businesses focused on manufacturing and marketing one line of products, Fortune said that it would spin off its home business to shareholders in a tax-free transaction.