FORTUNE BREAKS ITSELF UP
Fortune Brands Inc. was one step closer to splitting itself up after it recently completed the $1.23 billion sale of its golf business, which includes Titleist golf balls. Fortune sold Acushnet, which also includes the FootJoy brand, to Korean investors led by athletic company Fila Korea Ltd. and Mirae Asset Private Equity. Acushnet will be based in Fairhaven, Massachusetts. Fortune announced late last year that it was splitting into three companies, keeping its liquor business led by Jim Beam bourbon, while shedding units that make Titleist golf balls, Moen faucets and Master Locks. Fortune is the world’s fourth-largest premium spirits business with brands that include Canadian Club, Maker’s Mark and Sauza. Fortune said the final step in its separation plan is its proposed spinoff of its home and security business, which includes MasterBrand cabinets. That is on track for completion in the fourth quarter.