(AP) — Fortune Brands Inc. said Thursday that its lath accustomed final affairs to circuit off the company’s home and aegis business to a abstracted aggregation in October and change the actual liquor company’s name to Beam.
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Fortune Brands Home & Aegis is to angle abandoned as of the abutting of business Oct. 3 and barter apart on the New York Banal Exchange the abutting day beneath the ticker attribute FBHS. That business makes Moen faucets, several brands of kitchen cabinets, doors and windows, and Master Lock aegis products.
The renamed Beam Global Spirits and Wine Inc., which makes a array of booze products, including Jim Beam and Maker’s Mark bourbon and Canadian Club whiskey, is to activate trading beneath the ticker attribute BEAM Oct. 4.
The Securities and Exchange Commission and the New York Banal Exchange charge still assurance off on the plan.
Fortune Brands will accept a banknote allotment of $500 actor from Fortune Brands Home & Aegis above-mentioned to the spinoff.
Fortune Brands stockholders will accept one allotment of Fortune Brands Home & Aegis for anniversary allotment they authority of Fortune Brands as of 5 p.m. Central time Sept. 20 and absorb through Oct. 3.
Fortune Brands expects that a “when-issued” accessible trading bazaar for both Beam and Fortune Brands Home & Aegis accepted banal will activate about Sept. 16 and abide through the administration date.
Shares of Fortune Brands accepted banal will abide to barter on the New York Banal Exchange beneath the attribute FO through the administration date. Afterwards the aftereffect the FO ticker will be discontinued.
Fortune Brands, based in Deerfield, Ill., afresh awash its golf business, which included the maker of Titleist golf balls, for $1.2 billion.
The company’s shares fell 68 cents to abutting Thursday at $53.49. The aggregation appear the board’s approval of its aftereffect plan afore the markets closed. Its shares rose 17 cents afterwards hours. They accept traded amid $42.55 and $65.48 the accomplished year.
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