DEERFIELD, Ill.--(BUSINESS WIRE)--
Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading
home and security products company, today announced that on Friday,
December 8, 2017, its Board of Directors declared a quarterly cash
dividend of $0.20 per common share. The dividend is payable on March 14,
2018, to stockholders of record as of the close of business on February
The 11 percent increase in the quarterly dividend, from $0.18 to $0.20,
represents the fifth consecutive year the Company has had a double digit
increase in its dividend rate.
On December 8, Fortune Brands' Board of Directors also authorized the
repurchase of up to $250 million of shares of the Company's common stock
over the next two years on the open market or in privately negotiated
transactions in accordance with applicable securities laws. The
purchases, if made, will occur from time to time depending on market
conditions. The Company has approximately $300 million existing from a
prior authorization that expires February 28, 2019, bringing the total
share repurchase authorization to approximately $550 million.
The dividend, dividend increase and share repurchase authorization
represent the Board's continued confidence in the Company's long-term
cash flow potential and its support of the Company's broader strategy
for utilizing free cash flow to build shareholder value.
"In addition to organic growth, we use our strong cash flow and balance
sheet to drive incremental shareholder value by investing in Fortune
Brands' businesses, pursuing accretive acquisitions, and returning cash
to shareholders," said Chris Klein, chief executive officer, Fortune
Brands Home & Security. "Our increased dividend rate and new share
repurchase authorization demonstrate our continued commitment to driving
incremental shareholder value."
The newly announced share repurchase authorization does not obligate the
Company to repurchase any dollar amount or number of shares of common
stock. This authorization is in effect until December 8, 2019, and may
be suspended or discontinued at any time.
About Fortune Brands
Fortune Brands Home & Security, Inc. (NYSE: FBHS), headquartered in
Deerfield, Ill., creates products and services that fulfill the dreams
of homeowners and help people feel more secure. The Company's four
operating segments are Cabinets, Plumbing, Doors and Security. Its
trusted brands include more than a dozen core brands under MasterBrand
Cabinets; Moen, Perrin & Rowe, Riobel, ROHL, Shaws and Victoria +
Albert under the Global Plumbing Group (GPG); Therma-Tru entry door
systems; and Master Lock and SentrySafe security products under The
Master Lock Company. Fortune Brands holds market leadership positions in
all of its segments. Fortune Brands is part of the S&P 500 Index. For
more information, please visit www.FBHS.com.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING
This press release contains certain "forward-looking statements"
regarding business strategies, and other matters. Future or conditional
verbs such as "believe," "will," "can" and "may" are generally
forward-looking in nature and not historical facts. Where, in any
forward-looking statement, we express an expectation or belief as to
future results or events, such expectation or belief is based on the
current plans and expectations of our management. Although we believe
that these statements are based on reasonable assumptions, they are
subject to numerous factors, risks and uncertainties that could cause
actual outcomes and results to be materially different from those
indicated in such statements. Our actual results could differ materially
from the results contemplated by these forward-looking statements due to
a number of factors, including but not limited to: the factors discussed
in Item 1A of our Annual Report on Form 10-K for the year ended December
31, 2016, filed with the Securities and Exchange Commission. The
forward-looking statements included in this release are made as of the
date hereof, and except as required by law, we undertake no obligation
to update, amend or clarify any forward-looking statements to reflect
events, new information or circumstances occurring after the date hereof.
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Fortune Brands Home & Security, Inc.
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