USA - Fortune Brands , an industry-leading home and security products company, announced that it intends to separate into two publicly traded companies.
Fortune Brands’ Board of Directors authorized the Company to pursue a tax-free spin-off of its Cabinets business into a standalone publicly traded company. Upon closing of the proposed separation, shareholders would hold interests in two leading companies.
The separation represents the Company’s next chapter of outstanding value creation. The result will be two well-positioned, leading companies with exceptional potential. New Fortune Brands will bring brand and innovation excellence to super-charged categories, leveraging secular growth themes of water management, outdoor living, material conversion and science, and connected products.
Additionally, shareholders would hold interests in North America’s leading cabinets company delivering top-tier performance through operational excellence. A potential separation is subject to further Board approval and other customary conditions and is expected to take approximately 12 months to complete.
Currently, under the MasterBrand Cabinets name, the Jasper, Ind.-based company had USD 2.9 billion in 2021 sales and 11,000 employees. It ranked third on the FDMC 300 list of the top North American wood-related firms.
An investor presentation highlighting the proposed división into two companies can be found here.
