Fortune Brands has finalised the previously announced spin-off of its Acco division, which has merged with GBC.
The deal received the green light from federal regulators and the company distributed shares of the combined organisation, now known as Acco Brands, to Fortune Brands shareholders on 9 August.
Acco Brands’ common stock has now been listed on the New York Stock Exchange under the ticker symbol ABD.
Meanwhile, Fortune Brands’ office products unit reported a 572.5 per cent rise in Q2 operating income to $26.9 million, from $4 million in the year before. The unit posted sales of $287.2 million compared to $268.8 a year earlier.
GBC, meanwhile, reported Q2 net income of $1.6 million, or EPS of $0.09, compared to EPS of $0.15 a year earlier, in what will likely be its last quarterly results as an independent company.
Q2 sales came in at $186.9 million, from $174.4 million last year.
President/CEO Dennis Martin said: "We had a strong quarter across the board. Sales momentum continued and I am particularly pleased that all three of our segments reported sales increases over last year’s comparable quarter."