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 $400 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.
"We have deployed approximately $1.9 billion of capital from 2012
through 2015, but we believe that we can deploy an additional $2.0
billion to $2.5 billion to drive incremental value as the housing market
continues to recover to mid-cycle levels over the next three years,"
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 16, 2018, 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 help fulfill the
dreams of homeowners and help people feel more secure. The Company's
trusted brands include MasterBrand cabinets, Moen faucets, Therma-Tru
entry door systems, and Master Lock and SentrySafe security products.
Fortune Brands holds market leadership positions in all of its segments.
Fortune Brands is part of the S&P MidCap 400 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 "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,
2014, 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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