Fortune Brands Inc (FO.N) on Thursday set Oct. 3 as the date for the spinoff of its home and security business. The maker of Jim Beam and Maker's Mark bourbon will operate as a liquor company renamed Beam as of Oct. 4. Before the spinoff, Fortune Brands will receive a cash dividend of $500 million from the security business, it said. Shareholders of record on Sept. 20 will receive one share of Fortune Brands Home & Security for each share of Fortune Brands.
Fortune Brands, Inc. is a holding company with operating companies engaged in the manufacture and sale products, such as distilled spirits, home and security products, and golf products. Shares of FO fell by 1.26% or $-0.68/share to $53.49. In the past year, the shares have traded as low as $42.55 and as high as $65.48. On average, 1058950 shares of FO exchange hands on a given day and today's volume is recorded at 1058277.
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