Fortune Brands Innovations, Inc. FBIN → MasterBrand, Inc. MBC
| Parent | Fortune Brands Innovations, Inc. FBIN |
|---|---|
| Spinco | MasterBrand, Inc. MBC |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 MasterBrand share for every 1 Fortune Brands share |
| Ratio note | Holders of record held Fortune Brands Home & Security stock, which renamed itself Fortune Brands Innovations. |
| Checked against EDGAR | 2026-08-22 |
Data trap
The completion filing defines an 'Effective Time' of 5:00 p.m. Central on December 2, 2022, which is the RECORD time, not the distribution — the distribution date is separately given as December 14. Skimming for a timestamp lands on the wrong one. No filing states the time of day of the distribution itself. Note also the share count is filed in thousands to one decimal, so it is precise only to the nearest hundred shares, and the parent's ticker changed from FBHS to FBIN at the open on December 15, a day after day zero.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2022-04-28Separation announced
- 2022-10-28Form 10 filed
- 2022-11-22Form 10 last amended
- 2022-11-30Form 10 effective
- 2022-12-02Record date
- —When-issued trading opens
- 2022-12-14Distribution
- 2023-03-07First standalone earnings
- —Index inclusion announced
Performance since separation
| MasterBrand, Inc. since separation | +18.31% |
|---|---|
| Fortune Brands Innovations, Inc. over the same window | -15.82% |
| S&P 500 (SPY) over the same window | +91.72% |
| Russell 2000 (IWM) over the same window | +66.47% |
| Excess over the S&P 500 | -73.41% |
| Excess over the Russell 2000 | -48.16% |
Measured from the first regular-way close on or after the distribution — 2022-12-15 at 7.70 — to 2026-08-21 at 9.11. Window: 3.7 years. The 2022-12-14 session was skipped: it traded on when-issued volume, not regular-way, and pricing from it would measure the return against a market that no longer existed the next day. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | -16.85% |
|---|---|
| Combined (Fortune Brands Innovations, Inc. + MasterBrand, Inc.), pre-distribution to now | -0.72% |
| Combined excess over the S&P 500 | -91.21% |
| Combined excess over the Russell 2000 | -66.10% |
Combined treats a pre-spin holding as 1 MasterBrand share for every 1 Fortune Brands share valued at the parent's last close before regular post-spin trading resumed — 2022-12-13 at 54.03 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 8-Kfiled 2022-04-28 · 0001157523-22-000501Announcement of the plan to separate into two companies
- 10-12Bfiled 2022-10-28 · 0001193125-22-272559Initial Form 10 registration statement
- 10-12B/Afiled 2022-11-22 · 0001193125-22-290185Final Form 10 amendment
- 8-Kfiled 2022-12-01 · 0001193125-22-296539Definitive information statement dated December 1, 2022
- 8-Kfiled 2022-12-15 · 0001193125-22-306031Completion: distribution made December 14, 2022; Fortune Brands retained no interest
- 10-Kfiled 2023-03-10 · 0001941365-23-000022First annual report; equity rollforward gives 128,028.6 thousand shares distributed
Notes
Fortune Brands' separation of its cabinets business. The parent renamed itself Fortune Brands Innovations and changed ticker the session after the distribution. Left unclassified: millwork and wood household furniture are adjacent four-digit codes inside the same broad wood-products group, and whether that counts as a change of industry is a judgement the codes do not make for us. Classified focus_increasing: the Form 10 frames MasterBrand as a scale cabinet manufacturer whose capital needs are 'specific to basic building products,' while Fortune Brands keeps a branded, innovation-driven portfolio (security, water management, outdoor living) — an explicit split in operating model and end market, not a reshuffling within one wood-products code. MasterBrand borrowed roughly $950 million and paid Fortune Brands a $940 million cash dividend at separation, cutting pro forma equity from $2.7 billion to $1.0 billion.