Fortune Brands Home & Security Inc. will separate into two companies on Dec. 14 following the spinoff of its MasterBrand Inc. cabinets business, with Fortune Brands changing its name to Fortune Brands Innovations Inc., the company said Tuesday. “I am thrilled to introduce Fortune Brands Innovations, a brand, innovation and channel leader in the home, security and commercial building markets,” said Fortune Brands CEO Nicholas Fink, in a statement. “Our focus on safety and sustainability, our ongoing digital transformation, and our disciplined approach to strategic acquisitions also set the stage for further long-term value creation,” he added. MasterBrand will trade on the New York Stock Exchange under the symbol MBC. Fortune Brands’ stock has fallen 42.5% in 2022, outpacing the S&P 500 Index’s decline of 16.1%.
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