American Brands Inc.: The diversified consumer products...
American Brands Inc.: The diversified consumer products company said its fourth-quarter income dropped to $11 million from $172 million in the same period a year ago because of a $215-million writedown of McGregor Acquisition Corp. stock. It received the stock as partial payment when it sold E-II Holdings Inc. to McGregor in 1988. American Brands’ quarterly revenue jumped 30% to a record $3.8 billion. Yearly earnings were off 6% to $596 million, reflecting the fourth-quarter writedown. Yearly revenue rose 16% to a record $13.8 billion.
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