Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, November 4, 2022

Article Excerpt

FORTUNE BRANDS HOME & SECURITY INC., $57.46, symbol FBHS on New York, is an Illinois-based maker of home products. It currently operates three businesses: Water Innovations (31% of sales), Outdoors & Security (27%), and Cabinets (42%). Deerfield, Illinois-based Fortune Brands Home & Security was spun-off from Fortune Brands Inc. in October 2011. Fortune Brands shareholders received one share in the new company for each share of the parent. That parent was then renamed Beam Inc. to reflect its focus on premium spirits—Jim Beam was one of its brands. On April 28, 2022, Fortune Brands announced its intention to split into two separate publicly traded companies through a tax-free spinoff of its cabinets business. The remaining company will focus on water management, outdoor living, material conversion and science, and connected products. The new Fortune Brands will continue to be led by CEO Nicholas Fink, while Dave Banyard will continue leading the Cabinets Business as CEO following the separation. Fortune Brands’ cabinets business operates as MasterBrand Cabinets…