DEERFIELD, Ill.--(BUSINESS WIRE)--
Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading
home and security products company, today announced that its Board of
Directors has declared a quarterly cash dividend of $0.20 per common
share. The dividend is payable on June 13, 2018, to stockholders of
record as of the close of business on May 25, 2018.
On April 30, Fortune Brands' Board of Directors also authorized the
repurchase of up to $150 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 $160 million existing from a
prior authorization that expires December 8, 2019, bringing the total
share repurchase authorization to approximately $310 million.
The dividend 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 dividend 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 April 30, 2020, 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 Plumbing, Cabinets, Doors and Security. Its
trusted brands include Moen, Perrin & Rowe, Riobel, ROHL, Shaws and
Victoria + Albert under the Global Plumbing Group (GPG); more than a
dozen core brands under MasterBrand Cabinets; 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.
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Fortune Brands Home & Security, Inc.
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Source: Fortune Brands Home & Security, Inc.
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