TIDMFBI
Fortune Brands, Inc. (NYSE: FO) today announced that its Board
of Directors has unanimously approved in principle a separation of
the company's three strong consumer businesses - distilled spirits,
home and security, and golf products. The plan that the company
intends to pursue includes: the continuation of Fortune Brands as
an independent, publicly-traded company focused solely on its
distilled spirits business; the tax-free spin-off to shareholders
of the home and security business into an independent,
publicly-traded company; and the sale or tax-free spin-off of the
golf business. Each business has leading consumer brands and
excellent growth and returns potential, and is now very well
positioned to create significant value for shareholders on its
own.
The Board has directed management to develop detailed separation
plans for consideration and final approval by the Board. The
company expects to complete development of these plans - including
the structure, timing, and other related matters for each business
- within the next several months.
"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, chairman and chief executive
officer of Fortune Brands. "Today's announcement is the result of
an ongoing strategic review process conducted by the Board and
management over the past four years that included regular
evaluation of separating the businesses at the right time to serve
the best interests of our shareholders. While the breadth and
balance of our portfolio have served shareholders very well, we see
the potential for even greater value by separating our businesses
into focused companies at a time when they have emerged from the
economic downturn in such strong positions. We believe now is the
right time to move ahead with this tax-efficient approach, and
we're confident the course we've outlined today generates greater
potential long-term value than all other alternatives."
Business Units Now Well Positioned to Thrive Independently
"Our proactive strategic initiatives and targeted investments
have enabled our businesses to emerge from the economic downturn
stronger than even we had anticipated, so each is very well
positioned - now - to compete and grow aggressively on its own as
the economy recovers. Consistent with our historical and ongoing
commitment to creating shareholder value, our Board considered the
interests of all of our shareholders, including the views of our
long-term shareholders and our largest current shareholder,
Pershing Square Capital Management, with whom we found much
strategic common ground," Carbonari continued.
"We have tremendous confidence in the future of each of our
businesses. These businesses now have the management,
infrastructure and growth and returns prospects to flourish apart
from one another and build on their solid foundations of premier
brands, leading market positions and strong capital structures.
This action plan will enable our shareholders to participate in the
substantial upside we expect each of these businesses to generate
as they compete in attractive consumer categories with excellent
long-term fundamentals," said Carbonari.
Three Businesses with Strong Positions and Headroom for
Growth
Premium Spirits: A Global Leader with Strong Brands, Innovation
& Distribution
The company's Beam Global Spirits & Wine, Inc. unit, with
$2.5 billion in annual revenue, is the largest U.S.-based spirits
company and the fourth largest premium spirits business in the
world. The business has significant opportunities for growth as a
direct result of its premium brands in excellent categories,
enhanced control of worldwide distribution, successful innovation
engine, momentum in key markets, opportunity in emerging markets,
and continued brand investment. Beam Global is the world leader in
the growing bourbon category, led by the Jim Beam, Maker's Mark and
Knob Creek brands. Global brands including Canadian Club whisky and
Laphroaig and Teacher's Scotch further enhance the company's
whiskey portfolio. With premier tequila brands including Sauza,
Hornitos and El Tesoro, the company holds the number two position
in tequila worldwide. Courvoisier is one of the world's leading
cognacs, and DeKuyper is the leading brand of cordials in the U.S.
The company is also growing rising star brands with strong upside
potential, such as Cruzan rum, EFFEN vodka and the European Sourz
cordials brand. A robust innovation pipeline that has recently
produced impactful new products such as Red Stag by Jim Beam,
Maker's 46, Cruzan 9, Courvoisier 12 and 21, Teacher's Origin in
India and new ready-to-drink products in Australia, is further
adding to the company's growth and future prospects.
Home & Security: A Leader with the Brands and Supply Chains
to Continue Outperforming
Fortune Brands Home & Security LLC, with annual sales
exceeding $3 billion, is a North American leader in its category.
Its largest single brand is Moen, the #1 faucet brand in North
America. MasterBrand Cabinets, which includes brands such as
Aristokraft, Decorá, Diamond, Omega and Kitchen Craft, is the
strong #2 cabinet manufacturer in North America. Therma-Tru, the #1
entry door brand in the U.S., and Simonton, a leader in
energy-efficient vinyl-framed windows, are both well positioned in
the attractive advanced materials segments of their categories.
Master Lock is the world's #1 brand of padlocks and related
security products, and Waterloo is a leader in storage and
organization products. Home & Security has enhanced its
position by playing offense during the downturn and front end of
the recovery. The company has created lean and flexible supply
chains by both reducing costs and accelerating productivity
initiatives. Significant new business wins, excellent customer
service and successful new-product innovations have contributed to
meaningful market share gains. With this momentum, combined with
the company's supply-chain flexibility and efficient cost
structures, Home & Security will have substantial leverage and
upside growth and returns potential as the U.S. housing market
recovers.
Golf: Building on Global Leadership with Innovation and
International Growth
With annual sales of $1.2 billion, Acushnet Company is the #1
golf company in the world. Acushnet is led by Titleist, the #1 ball
in golf, and FootJoy, the #1 shoe and glove in golf. Titleist is
also a leader in high-performance golf clubs, and FootJoy is
growing strongly in the performance outerwear category. New-product
innovations, including successive generations of the Pro V1 golf
ball plus advanced technology clubs and shoes, and investments in
high growth international markets, have enabled the company to
outperform the market on growth and returns and position it well
for substantial upside in a category with favorable long-term
demographics.
In addition to final Board authorization, the potential
separation of Fortune Brands' companies will also be subject to the
receipt of a number of customary regulatory approvals and/or
rulings, the execution of intercompany agreements and finalization
of other related matters.
About Fortune Brands
Fortune Brands, Inc. is a leading consumer brands company. Its
operating companies have premier brands and leading market
positions in distilled spirits, home and security, and golf
products. Beam Global Spirits & Wine, Inc. is the company's
premium spirits business. Major spirits brands include Jim Beam and
Maker's Mark bourbon, Sauza tequila, Canadian Club whisky,
Courvoisier cognac, Cruzan rum, Teacher's and Laphroaig Scotch,
EFFEN vodka and DeKuyper cordials. The brands of Fortune Brands
Home & Security LLC include Moen faucets, Aristokraft, Omega,
Diamond and Kitchen Craft cabinetry, Therma-Tru door systems,
Simonton windows, Master Lock security products and Waterloo
storage and organization products. Acushnet Company's golf brands
include Titleist and FootJoy. Fortune Brands, headquartered in
Deerfield, Illinois, is traded on the New York Stock Exchange under
the ticker symbol FO and is included in the S&P 500 Index and
the MSCI World Index.
To receive company news releases by e-mail, please visit
www.fortunebrands.com.
Forward-Looking Statements
This press release contains statements relating to future
actions and results, which are forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. Readers are cautioned that these forward-looking statements
speak only as of the date hereof, and the company does not assume
any obligation to update, amend or clarify them to reflect events,
new information or circumstances occurring after the date of this
release. Actual plans, actions and results may differ materially
from current expectations as a result of certain risks and
uncertainties, including but not limited to: unanticipated
developments that delay or negatively impact the proposed
transactions; changes in market conditions; disruption to
operations as a result of the proposed transactions; the inability
of one or more of the businesses to operate independently following
the completion of the proposed transactions; the inability to
retain key personnel; and the other risks and uncertainties
described from time to time in the company's Securities and
Exchange Commission filings. There can be no assurance that any of
the proposed transactions will be completed as anticipated or at
all.
The company does not intend to discuss further developments with
respect to the contemplated separation of its operating companies
unless and until a specific plan is adopted by its Board of
Directors.
CONTACT: Fortune Brands, Inc.
Media Relations:
Clarkson Hine
(847) 484-4415
or
Investor Relations:
Tony Diaz
(847) 484-4410
Fortune Brands (LSE:FBI)
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