By Mike Verespej, Plastics News Staff
Maumee, Ohio -- The planned tax-free spinoff of six companies into a new $3000 million-plus stand-alone competitor in the building and construction market is now expected to take part early in the fourth quarter, slightly later than originally anticipated.
Fortune Brands said 6 May that it had filed its initial Form 10 registration statement with the Securities and Exchange Commission that details historical operating results for the businesses involved, and the strategy and fundamentals that those businesses should be able to use to capitalise on the home products markets.
Two of the six companies being spun off are fibreglass entry and patio door manufacturer Therma-Tru Doors Corp. in Maumee, Ohio, and vinyl window and patio door manufacturer Simonton Building Products Inc., which is moving its headquarters from Parkersburg, West Virginia, to Columbus, Ohio in June. The others are faucet manufacturer Moen Inc., based in North Olmsted, Ohio; MasterBrand Cabinets Inc., based in Manassas, Virginia; MasterLock Co. llc in Milwaukee; and tool, garage and industrial storage manufacturer Waterloo Industries Inc. in Oak Creek, Wisconsin.
The six companies comprise the Home & Security llc business unit of Fortune Brands. In 2009, the Therma-Tru and the Simonton brands each had sales of $250 million. Moen faucets had $850 million in sales, four of the cabinet brands of MasterBrand had $750 million in sales, and MasterLock had $300 million in sales.
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