Fortune Brands (NYSE:FO) said Thursday that the remaining two of its businesses will trade as independent companies on the New York Stock Exchange once the company completes its proposed separation plan.
The move comes a month after Fortune sold its Acushnet golf business to a group led by sport and leisure apparel company Fila Korea for $1.225 billion in a deal slated to close by the end of the summer.
The Deerfield, Ill.-based company intends to spin-off its home and securities segment to shareholders to be traded under the ticker symbol FBHS. The remaining alcohol beverage company, which is dominated by its popular Jim Beam whiskey, will be renamed Beam Inc. and will trade under the symbol BEAM.
Consumers have called the Beam name for years soon our investors will be able to, as well, said Beam chief executive Matt Shattock.
The current ticker, FO, will be discontinued.
The proposed plan remains on track for completion in the fourth quarter, and Fortune expects to announce further details related to the spin-off later this summer. The deal remains subject to completion of detailed separation plans, customary regulatory approval and board approval.