Fortune Brands to spin off home products division

Fortune Brands, whose products include Master Lock and Moen, has announced its intention to separate its three consumer businesses --home and security, golf products and distilled spirits -- so it can focus solely on its liquor business as an independently publicly traded company.

The Deerfieled, Ill.-based company also said it will pursue a tax-free spin off to its shareholders of its home and security business as an independent, publicly traded company and the sale or tax-free spin-off of its golf business. 

The board of directors, which made these decisions unanimously, has directed management to develop detailed separation plans for consideration and final approval by the board, according to the announcement. The company expects to complete development of these plans -- including the structure, timing, and other related matters for each business -- within the next several months.