DEERFIELD, Ill. - Fortune Brands Home & Security, Inc. announced its Board of Directors has authorized the repurchase of up to $400 million of shares of 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 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, CEO, Fortune Brands.
The newly announced share repurchase authorization does not obligate the Fortune Brands to buy back shares, and remains in effect until February 16, 2018, unless it is suspended sooner.
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. Brands include MasterBrand cabinets, Moen faucets, Therma-Tru entry door systems, and Master Lock and SentrySafe security products.
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