Fortune Brands Inc. plans to split into three companies, hanging onto its liquor business led by Jim Beam bourbon while getting rid of the units that produce Titleist golf equipment (and FootJoy apparel), Moen faucets and Master Locks.
On Wednesday the company announced it will sell or spin off its golf and home and security businesses, and concentrate on the booze industry, which generates $2.5 billion annually. Well, duh. When the economy is good, people drink happily. And when the economy sucks, people drown their sorrows with the bottle.