"Fortune Brands (FO) says it will spin off its home-and-security unit, with products including Moen faucets and Master locks. The spinoff would be designed to be tax free to holders, Fortune said. The company also said it would spin off or sell its golf division, with brands including Titleist; and continue to operate the liquor business as an independent publicly traded company. Fortune's liquor brands include, among others, Jim Beam bourbon and Laphroaig single-malt Scotch. The company says each is well positioned to create significant value for shareholders on its own. Annual revenue totals .5 billion in wine and liquor, billion in home and security and .2 billion in golf, Fortune said. The Wall Street Journal had earlier reported that the plan was under consideration. "
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