Fortune Brands to Complete Spin-Off on Oct. 3

By Features FOXBusiness

Fortune Brands (FO) declared a regularly quarterly dividend of 19 cents a share on Tuesday and said it expects to complete the separation of its remaining businesses on Oct. 3.

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The Deerfield, Ill.-based company, which makes distilled spirits and home and securities products, divested its golf products unit, the group responsible for the Titleist brand, in May to South Korea’s sports apparel and footwear maker Fila for $1.23 billion.

It plans to finish the separation of its other two businesses early next week, at which time it will be known as Beam, focusing on its liquor company with flagship product Jim Beam.

The company said the proposed separation remains subject to the execution of intercompany agreements and finalization of other related matters.

Meanwhile, Fortune Brands said the regular dividend will be paid on Dec. 1 to shareholders of record on Nov. 9. That payout is expected to target eligible shareholders of Beam, the remaining company following the separation.

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