Fortune Brands, the world's fourth-largest premium spirits company, yesterday changed its name to Beam Inc and completed the previously announced separation of its business units with the spin-off of the Fortune Brands Home & Security business.
Shares of Fortune Brands Home & Security business began trading yesterday morning on the New York Stock Exchange following the spinoff into two separate companies.
Deerfield, Illinois-based Jim Beam, which traces its roots to 1795, has in its portfolio leading brands that include Jim Beam Bourbon, Maker's Mark Bourbon, Sauza Tequila, Courvoisier Cognac, Canadian Club Whisky, Teacher's Scotch, Laphroaig Single-Malt Scotch, Cruzan Rum, Pucker Flavored Vodka, and others.
The company had annual sales of $2.7 billion last year and sold around 33 million 9-liter cases.
Fortune Brands Home & Security business stable of products includes Master Lock, KitchenCraft cabinets, Moen faucets, Simonton windows and Therma-Tru doors and had sales of $3.2 billion last year.
In December, the board of Fortune Brands had approved splitting the company into three separate businesses with spinning off its home and security division to shareholders, either sell or spin off the golf products division, while Fortune Brands liquor company would continue as a publicly traded company and be renamed Beam Inc. (See: Maker of Jim Beam bourbon Fortune Brands plans three-way split)