Fortune Brands Spirits Business to be Renamed Beam
Following the expected spin-off of its home and security business on October 3rd, Fortune Brands remaining spirits operation will be renamed Beam. The spin-off company will operate as Fortune Brands Home & Security.
Fortune Brands will receive a cash dividend of $500 million from Fortune Brands Home & Security prior to the spin-off.
“The separation of Fortune Brands’ businesses will give shareholders a compelling opportunity to participate in the significant upside potential we see in both Beam and Fortune Brands Home & Security,” says Bruce Carbonari, chairman and chief executive of Fortune Brands. “With their competitive, financial and organisational strengths, we believe each business is well positioned to continue outperforming in the marketplace and generate significant long-term value for shareholders.”
The major spirits brands of Beam include Jim Beam and Maker’s Mark bourbon, Sauza tequila, Canadian Club whisky, Courvoisier cognac, Cruzan rum, Teacher’s and Laphroaig Scotch whisky, EFFEN vodka, Skinnygirl cocktails and DeKuyper cordials.
