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Fortune Brands spirits giant to be renamed Beam

27 april 2011, 19:48
Photo courtesy of digitaljournal.com
Photo courtesy of digitaljournal.com
Spirits giant Fortune Brands said Wednesday it plans to rename itself Beam after it distills its business down to the major liquor labels for which it is best known, including Jim Beam whiskey, AFP reports.

In a statement released after a shareholders' meeting on Tuesday, Chairman and Chief Executive Officer Bruce Carbonari said the firm was making "excellent progress" towards the sale or spin-off of its golf and home security lines.

"We're continuing to target completing this process in the second half of 2011," Carbonari said in the statement.

The process would make the firm a pure spirits business, with its flagship Jim Beam brand -- dating back to 1795 -- as well as Maker's Mark whisky, Sauza tequila, Courvoisier cognac, Canadian Club whisky and Teacher's Scotch.

It's official name would be Beam Incorporated and, according to the company, it would be the fourth largest premium spirits business worldwide and the largest based in the United States.

Fortune Brands Home & Security would retain its name after the proposed spin-off, in which it would become an independent publicly traded company.

The company is also hoping to spin-off or sell its Acushnet Company golf business, but said the plan "remains subject to completion of detailed separation plans, customary regulatory approvals and final board approval."

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