DEERFIELD, Ill.--(BUSINESS WIRE)--
Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading
home and security products company, today announced its Board of
Directors has authorized the repurchase of up to $300 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 also has approximately $196 million remaining under an
existing share repurchase authorization that remains in effect until
early 2018. When combined with the new program announced today, the
total amount authorized for share repurchase is nearly $500 million.
"We have deployed nearly $2.7 billion of capital from 2012 through 2016,
but over the next two to three years we believe we can deploy an
additional $2.0 billion to drive incremental value as the housing market
continues its elongated recovery," said Chris Klein, chief executive
officer, Fortune Brands.
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 February 28, 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, ROHL and Riobel 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170301006279/en/
Fortune Brands Home & Security, Inc.
Investor and Media Contact:
Source: Fortune Brands Home & Security, Inc.
News Provided by Acquire Media