Fortune Brands (FO), maker of Jim Beam whisky, plans to split into three separate units.
Fortune Brands will continue to focus on its distilled spirits business, the company said in a statement. Fortune's home and security business will be spun off into an independent, publicly traded company while its golf business will be spun off or sold.
"We are taking the next logical step in the evolution of Fortune Brands, which we believe will maximize long-term value for our shareholders and create exciting opportunities within our businesses," said Bruce Carbonari, CEO of Fortune Brands.
Each of the three units has revenue of more than $1 billion. Fortune Brands Home & Security LLC has annual sales worth more than $3 billion.
The company will finalize plans for the split "within the next several months," the statement said.
"We have tremendous confidence in the future of each of our businesses," Carbonari said.
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