Fortune Brands Inc
Under a plan approved by the company's board, Fortune plans to spin off its home and security unit to shareholders in a tax-free transaction and either sell or spin off its golf unit.
Deerfield, Illinois-based Fortune then plans to remain a publicly traded maker of spirits, with brands including Sauza tequila and Maker's Mark bourbon.
The company said it expected to complete development of its plans -- including the structure, timing and other related matters for each business -- within the next several months.
The plan is the result of a strategic review process conducted by management and the board over the past four years, Chief Executive Officer Bruce Carbonari said in a statement.
While the breadth and balance of our portfolio have served shareholders very well, we see the potential for even greater value by separating our businesses into focused companies at a time when they have emerged from the economic downturn in such strong positions, Carbonari said.
Fortune shares, which closed on Tuesday at $61.15 on the New York Stock Exchange, have gained 17.6 percent in the past two months since activist shareholder William Ackman took an 11 percent stake in the company.
(Reporting by Martinne Geller; Editing by Lisa Von Ahn)