Fortune Brands to spin off its home and security business

Fortune Brands, the maker of Master Lock, recently announced that it is officially spinning off its home and security business on Oct. 3.

Following the spin-off, the company, which also makes Jim Beam bourbon, said in a statement that it will be renaming itself Beam and will operate as a pure-play spirits company.

"The separation of Fortune Brands' businesses will give shareholders a compelling opportunity to participate in the significant upside potential we see in both Beam and Fortune Brands Home & Security," said Fortune Brands Chairman and CEO Bruce Carbonari in the statement. "With their competitive, financial and organizational strengths, we believe each business is well positioned to continue outperforming in the marketplace and generate significant long-term value for shareholders. We are extremely pleased with the progress of our separation plan - we're in the home stretch, the teams at both Beam and Fortune Brands Home & Security are ready, and we're looking forward to bright and prosperous futures for two great companies."

Late last month, the company sold its golf business known as the Acushnet Company, which includes the Titleist and FootJoy brands, to a group led by Fila Korea Ltd. and Mirae Asset Private Equity.