MasterBrand Cabinets to spin off from Fortune Brands

Fortune Brands Home & Security, Inc. is in the process of separating MasterBrand Cabinets into a standalone publicly traded company.

The Fortune Brands’ board of directors authorized the company to pursue a tax-free spin-off of its cabinet business in the April quarterly report. In July, the company stated the spin-off was moving along ahead of schedule.

Upon closing of the proposed separation, Fortune Brands shareholders would hold interests in both companies. Nicholas Fink will continue to lead New Fortune Brands as chief executive officer (CEO), and Dave Banyard will continue to head the Cabinets Business as CEO following the separation.

According to the company report, the result of the spinoff will be two well-positioned, leading companies with exceptional potential. New Fortune Brands will bring brand and innovation excellence to super-charged categories, leveraging secular growth themes of water management, outdoor living, material conversion and science, and connected products. Additionally, shareholders would hold interests in North America’s leading cabinets company delivering top-tier performance through operational excellence. A potential separation is subject to further Board approval and other customary conditions and is expected to take approximately 12 months to complete.