P. M. BRIEFING : American Brands Buys Moen
American Brands Inc. announced today that it would purchase the Moen Group, a plumbing fixture manufacturer, for $975 million in cash from Forstmann Little & Co.
The conglomerate also said its second-quarter earnings rose 31.8%, and it also announced plans to sell its Waterloo Industries hardware business.
Moen had earnings of $97 million last year before depreciation and amortization, interest and taxes. The division, based in Elyria, Ohio, would be acquired by American Brands’ MasterBrand Industries Inc. subsidiary, whose divisions include the Master lock business.
American Brands said it planned to sell Waterloo because it does not fit with the division’s current focus on kitchen and bath products and security hardware.
American Brands’ core businesses include tobacco, distilled spirits, life insurance, office products, and hardware and home-improvement products. Its cigarette brands include Lucky Strike, Carlton and Pall Mall. Its distilled spirits include Jim Beam bourbon.
