Fortune Brands to spin off Golf and Home Products units, but will keep Jim Beam, Canadian Club, Courvoisier, and Maker’s Mark

For most of us, a cluttered garage is filled with stuff we don't necessarily need any more.

Fortune Brands seems to have the same problem.

Time to clean out the garage.

Fortune Brands owns everything from Jim Beam Whiskey and Titleist golf equipment, to Moen faucets and Master Locks.

The plan is to spin off the golf unit and home products operations, while keeping the spirits business, which is its most profitable unit.

It will be a transfomative change for the company. The home products and golf business account for nearly  two thirds of the company (45% and 18% respectively). Spirits and wines, including Canadian Club, Courvoisier, Maker’s Mark and Laphroaig, currently account for 37% of the company’s revenue.

Of course, Fortune isn't the first to spin off unrelated, less profitable businesses. In fact, NY Times Dealbook says Fortune has been seen as something of an anachronism among American corporations, a conglomerate with unrelated businesses in an age when investors usually reward single-minded focus by businesses.

“We are taking the next logical step in the evolution of Fortune Brands, which we believe will maximize long-term value for our shareholders and create exciting opportunities within our businesses,” Mr. Carbonari said in a statement. “We believe now is the right time to move ahead with this tax-efficient approach, and we’re confident the course we’ve outlined today generates greater potential long-term value than all other alternatives.”

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