Information  X 
Enter a valid email address

Fortune Brands Inc (FBI)


Tuesday 01 July, 2003

Fortune Brands Inc



    LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--July 1, 2003--

Fortune Brands Announces Kitchen & Bath Cabinets Acquisition

Purchase of Las Vegas-based Capital Cabinet Corp. Enhances Geographic
Strength with Homebuilders in Fast-Growing Markets

Fortune Brands, Inc. (NYSE: FO), a leading consumer brands company,
today announced that its kitchen and bath cabinets business has
purchased Capital Cabinet Corporation, a supplier of cabinetry to
homebuilders in the fast-growing Las Vegas and Southern California

With annual sales of approximately $30 million, Capital Cabinets
becomes part of Fortune Brands' MasterBrand Cabinets, Inc. unit
(MBCI), the second largest cabinet manufacturer in North America with
annualized sales exceeding $1.2 billion. Capital Cabinets is based in
Las Vegas and had been privately held.

'Through strong internal growth and successful high-return
acquisitions, we're gaining significant share in kitchen and bath
cabinetry,' said Fortune Brands chairman and CEO Norm Wesley. 'In the
second quarter, our cabinets business continued to perform at the high
end of our expectations. Capital Cabinets will help give us even
better geographic and channel balance in a category with excellent
long-term demographics.'

'Capital Cabinets enhances our position in the fast-growing Las Vegas
and Southern California markets,' said Rich Forbes, president of
MasterBrand Cabinets. 'We'll more efficiently serve builder-direct
customers in these markets and have a new platform for growth in a
very attractive region. We're delighted to welcome Capital Cabinets,
its great workforce and its talented management to the MBCI family.'

Fortune Brands expects the purchase, which is within the company's
targeted valuation range for acquisitions, to be accretive to earnings
from the start.

Fortune Brands, Inc. is a consumer products company with annual sales
exceeding $5.6 billion. Its operating companies have premier brands
and leading market positions in home and hardware products, spirits
and wine, golf equipment and office products. Home and hardware brands
include Moen faucets, Aristokraft, Schrock, Diamond and Omega
cabinets, Master Lock padlocks and Waterloo tool storage sold by units
of MasterBrand Industries, Inc. Major spirits and wine brands sold by
units of Jim Beam Brands Worldwide, Inc. include Jim Beam and Knob
Creek bourbons, DeKuyper cordials, The Dalmore single malt Scotch, Vox
vodka and Geyser Peak and Canyon Road wines. Acushnet Company's golf
brands include Titleist, Cobra and FootJoy. Office brands include
Swingline, Wilson Jones, Kensington and Day-Timer sold by units of
ACCO World Corporation. Fortune Brands, headquartered in Lincolnshire,
Illinois, is traded on the New York Stock Exchange under the ticker
symbol FO and is included in the S&P 500 Index.

To receive company news releases by e-mail, please visit

This press release contains statements relating to future results,
which are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Readers are
cautioned that these forward-looking statements speak only as of the
date hereof. Actual results may differ materially from those projected
as a result of certain risks and uncertainties, including but not
limited to changes in general economic conditions, foreign exchange
rate fluctuations, changes in interest rates, returns on pension
assets, competitive product and pricing pressures, trade
consolidations, the impact of excise tax increases with respect to
distilled spirits, regulatory developments, the uncertainties of
litigation, changes in golf equipment regulatory standards, the impact
of weather, particularly on the home products and golf brand groups,
expenses and disruptions related to shifts in manufacturing to
different locations and sources, as well as other risks and
uncertainties detailed from time to time in the Company's Securities
and Exchange Commission filings.

   Short Name: Fortune Brands Inc
   Category Code: ACQ
   Sequence Number: 00006539
   Time of Receipt (offset from UTC): 20030701T141726+0100


a d v e r t i s e m e n t