Fortune Brands to Buy Cabinet Maker Omega

Consumer products maker Fortune Brands Inc. said it would buy kitchen and bathroom cabinet maker Omega Group of Iowa for $538 million in cash, expanding by 40% its business in a strong growing market.

Fortune Brands already makes Aristokraft and Schrock cabinets, as well as Moen faucets, Titleist golf balls and Jim Beam bourbon.

Fortune Brands shares rose 87 cents to $49.55 on the NYSE.