Business

Fortune Brands approves separation of MasterBrand cabinets

Posted November 21, 2022 10:00 pm

DEERFIELD - Fortune Brands Home & Security Inc. Tuesday said its board has approved the previously announced separation of its cabinets business, MasterBrand Inc., via a tax-free spinoff.

The separation is expected to be complete on Wednesday, Dec. 14, and will be achieved through the distribution of all outstanding shares of MasterBrand common stock to Fortune Brands common stockholders of record as of 5 p.m. Friday, Dec. 2.

Fortune Brands common stockholders will receive one share of MasterBrand's common stock for every share of Fortune Brands' common stock held on the record date, the company said.

Fortune Brands also anticipates that trading of MasterBrand's common stock will begin on Thursday, Dec. 15, 2022, under the ticker symbol "MBC," the first trading day following the distribution date.

As previously announced, following the distribution date, Fortune Brands intends to change its name to Fortune Brands Innovations Inc. and its New York Stock Exchange ticker symbol to "FBIN."

Fortune Brands, headquartered in Deerfield, is a Fortune 500 company, part of the S&P 500 Index and a leader in the home products industry. It makes Moen and the House of Rohl faucets and outdoor living and security products from Therma-Tru, Larson, Fiberon, Master Lock and SentrySafe.

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