Fortune Brands Completes Separation of MasterBrand
Fortune Brands Innovations, Inc. (FBIN) has completed the spin-off of its Cabinets business, MasterBrand, Inc., establishing two independent publicly traded companies. Effective December 15, 2022, FBIN will trade under its new ticker symbol on the NYSE. This strategic move is expected to create growth opportunities for both companies. Each shareholder received one share of MasterBrand for every share of Fortune Brands owned as of the record date. The spin-off supports the company's focus on high-growth categories, including water management and connected products.
- Successful completion of the spin-off of MasterBrand, creating two independent companies.
- Each shareholder received one share of MasterBrand for each share of Fortune Brands held.
- Strategic focus on high-growth categories, including water management and outdoor living.
- None.
Company announces effectiveness of
“Since we announced the intent to separate, our teams have been hard at work ensuring that both Fortune Brands and MasterBrand are prepared for future success and growth opportunities. I am proud today to say that we have successfully met that goal,” said Fortune Brands Chief Executive Officer
The separation was completed through the distribution of all outstanding shares of MasterBrand common stock to Fortune Brands common stockholders of record as of
Beginning on
Leading up to the separation, the Company has outlined its go-forward path and strategy as Fortune Brands Innovations. Underpinned by leading brands, Fortune Brands operates in the three high-growth categories of water, outdoors and security, powered by secular tailwinds including water management, connected products, outdoor living, material conversion, sustainability, safety and wellness.
About Fortune Brands Innovations
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking statements” made within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to: general business strategies, market potential, anticipated future financial performance, the potential of our brands, the housing market and other matters. Statements preceded by, followed by or that otherwise include the words “believes”, “positioned”, “expects”, “estimates”, “plans”, “look to”, “outlook”, “intend”, and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical facts. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans and expectations of our management. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those indicated in such statements, including, but not limited to: the expected benefits and costs of the spin-off transaction; the tax-free nature of the spin-off; general business and economic conditions; our reliance on the North American repair and remodel and new home construction activity levels; our reliance on key customers and suppliers; our ability to maintain our strong brands and to develop innovative products while maintaining our competitive positions; our ability to improve organizational productivity and global supply chain efficiency; our ability to obtain raw materials and finished goods in a timely and cost-effective manner; the impact of sustained inflation, including global commodity and energy availability and price volatility; the impact of trade-related tariffs and risks with uncertain trade environments or changes in government and industry regulatory standards; our ability to attract and retain qualified personnel and other labor constraints; the uncertainties relating to the impact of COVID-19 on the Company’s business and results; our ability to achieve the anticipated benefits of our strategic initiatives; our ability to successfully execute our acquisition strategy and integrate businesses that we have and may acquire; and the other factors discussed in our securities filings, including in Item 1A of our Annual Report on Form 10-K for the year ended
View source version on businesswire.com: https://www.businesswire.com/news/home/20221215005256/en/
INVESTOR CONTACT:
Investor.Questions@fbhs.com
MEDIA CONTACT:
Media.Relations@fbhs.com
Source:
FAQ
What is the ticker symbol for Fortune Brands Innovations?
When did Fortune Brands complete its spin-off of MasterBrand?
How were MasterBrand shares distributed to Fortune Brands shareholders?
