Fortune Brands Plans to Separate Company's Three Businesses

Fortune Brands, Inc. 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. 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.