Fortune Brands Nears Closer to Spin off of Home and Security BusinessMay 6th, 2011 | Category: Industry News, Uncategorized
Fortune Brands Inc. announced today that its Fortune Brands Home and Security business has filed an initial Form 10 Registration Statement with the Securities and Exchange Commission in connection with its proposed spin-off from Fortune Brands. The spin-off is part of the company’s proposed plan to separate its three businesses by spinning off Home and Security in a tax-free transaction. The company announced yesterday that it currently anticipates completing the proposed separation of its businesses early in the fourth quarter.
“Filing the Form 10 is another important milepost as we execute our proposed plan to separate our businesses in order to maximize long-term value for our shareholders,” says Bruce Carbonari, chairman and chief executive officer of Fortune Brands. “The Form 10 details historical operating results for Home and Security, as well as the strategy and fundamentals that we believe position the business to create substantial value for shareholders as the home products market recovers.”
Among the disclosures in the Form 10 are the four segments by which Home and Security will report results as a standalone company: Kitchen and Bath Cabinetry, Plumbing and Accessories, Advanced Material Windows and Door Systems and Security and Storage.
“As detailed in the Form 10, each of Home & Security’s segments was solidly profitable in 2010 and is competitively well-positioned with excellent prospects to leverage and drive growth and returns as the home products market recovers,” says Chris Klein, president and chief executive officer of Fortune Brands Home & Security.