Fortune Brands to split into 3 separate companies
NEW YORK — Consumer products maker Fortune Brands Inc. will split into three separate companies that will sell spirits, home security and golf products.
The move had reportedly been in the works since activist shareholder William Ackman's Pershing Square Capital Management, became the largest shareholder of the Deerfield, Ill., company.
Fortune Brands says it will focus on its spirits business which includes brands such as Jim Beam bourbon and Canadian Club whiskey.
The home and security business -- which includes Moen faucets -- will be spun off on a tax-free basis to shareholders, and the golf business will be either spun off or sold.