Fortune Brands to invest in liquor business
on 14/04/11 at 2:04 pmIndustry
A top executive also says it will keep an eye out for potential acquisitions.
Fortune Brands is spinning off its home and security business, including units that make Titleist golf balls, Moen faucets and MasterBrand cabinets.
Matthew Shattock, president and CEO of Beam Global Spirits & Wine, said earlier this week that the businesses will be shed by late this year.
The commitment to its spirits business comes amid signs of a rebound in U.S. liquor sales at bars and restaurants, Shattock said.
That crucial segment took a big hit during the recession as fewer people ventured out to drink.