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EXHIBIT 20
[LETTERHEAD OF Fortune Brands APPEARS HERE]
Contact:
Media Relations: Investor Relations:
Clarkson Hine Anthony J. Diaz
(847) 484-4415 (847) 484-4410
FORTUNE BRANDS EXPLORING STRATEGIC OPTIONS FOR
ITS OFFICE PRODUCTS BUSINESS
Plan to Narrow Business Focus is Part of Ongoing Portfolio Analysis;
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Goals Include Sharp Increase in Shareholder Returns
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Lincolnshire, IL, October 9, 2000 - Fortune Brands, Inc. (NYSE: FO,
www.fortunebrands.com), a leading consumer brands company, today announced that
it is exploring strategic options for its ACCO World Corporation office products
unit.
The evaluation, which includes the possible sale of the office products
business, is a result of the company's ongoing strategic review of its portfolio
of brands and businesses initiated earlier this year.
"This plan to narrow the focus of our consumer products portfolio is a bold step
in the evolution of Fortune Brands and reflects our unrelenting commitment to
sharply increasing returns and enhancing shareholder value," said Chairman &
Chief Executive Officer Norm Wesley. "In 1999, we delivered on that commitment
with a series of aggressive actions to reduce our cost structure and optimize
operating efficiencies. Earlier this year, we began an intensive strategic
review of our portfolio to ensure that Fortune Brands delivers even stronger
results for our shareholders in the years ahead.
"Our aim in pursuing strategic options for our office products unit is to
promote two key long-term objectives: generating a significant leap in our
returns and strengthening our growth profile by focusing on our most attractive
markets. And in the event of an office products divestiture, we expect that our
near-term priority for the proceeds would be to immediately enhance shareholder
value with high-return share repurchases and debt repayment, subject to market
conditions," Wesley added.
"ACCO is an industry leader that has made many important contributions to
Fortune Brands' success over the years. However, ACCO competes in an industry
that will likely benefit from consolidation and we don't see ourselves making
that kind of commitment to office products. With its excellent brands and great
people, we're optimistic that in the event of a divestiture, ACCO will be a
valuable building block for success in that environment."
(more)
www.fortunebrands.com
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Fortune Brands Exploring Strategic Options for its Office Products Business
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The company further said that it had retained Goldman Sachs to assist in the
evaluation of strategic options for ACCO World.
Primary Goal: Maximizing Shareholder Value
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"Our primary goal is to maximize shareholder value by accelerating our
leadership in growing, high-return consumer categories," Wesley continued. "We
see powerful #1 brands like Moen, Jim Beam and Titleist as an excellent
foundation on which to build even better performance for our shareholders."
Currently, 80% of the company's sales come from brands that are #1 or #2 in
their categories and a quarter of sales come from products introduced in the
past three years. "We've generated strong momentum by building our great
consumer brands, developing innovative new products and aggressively
restructuring our supply chain. This strategy has contributed to our lengthening
track record of solid double-digit growth in earnings per share and improved
returns. We continue to expect solid double-digit EPS growth in the second half
and for the full year 2000."
Wesley added that Fortune Brands' strategic portfolio review is ongoing and
that, in addition to share repurchases and debt repayment, the company will not
rule out other strategic transactions to strengthen its portfolio, including
acquisitions and the disposition of low-return assets.
About ACCO World Corporation
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With 2000 sales expected to exceed $1.4 billion, ACCO World is a global leader
in office products with an array of premier brands including Swingline stapling
products, Kensington computer accessories, Day-Timer personal organizers and
Wilson Jones document management products.
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Fortune Brands, Inc. is a consumer products company with annual sales exceeding
$5.5 billion. Its operating companies have premier brands and leading market
positions in home products, office products, golf equipment and spirits and
wine. Home brands include Moen faucets, Master locks and Aristokraft and
Schrock cabinets sold by units of MasterBrand Industries, Inc. Office brands
include Day-Timer, Swingline, Kensington and Wilson Jones sold by units of ACCO
World Corporation. Acushnet Company's golf brands include Titleist, Cobra and
FootJoy. Major spirits and wine brands sold by units of Jim Beam Brands
Worldwide, Inc. include Jim Beam and Knob Creek bourbons, DeKuyper cordials,
Whyte & Mackay Scotch and Geyser Peak and Canyon Road wines. 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.
(more)
www.fortunebrands.com
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Fortune Brands Exploring Strategic Options for its Office Products Business
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To hear an Internet replay of the company's quarterly earnings conference call
presentation, or to receive company news releases by e-mail, please visit
www.fortunebrands.com.
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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 the willingness of third parties to pay a price or
prices for ACCO acceptable to Fortune Brands, changes in general economic
conditions, foreign exchange rate fluctuations, changes in interest rates,
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, challenges in the integration of acquisitions and joint
ventures, as well as other risks and uncertainties detailed from time to time in
the Company's Securities and Exchange Commission filings.
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