DEERFIELD, Ill. - Cabinet giant Fortune Brands Home & Security (FBHS) will expand further into the outdoor markets, acquiring leading composite decking manufacturer Fiberon for $470 million.
Founded in 1997, Fiberon makes wood and alternative-wood decking, railing, fencing products, and composite cladding. The company had sales of $200 million in 2017 and employs around 475 workers.
Much of Fiberon's product is made of plastic, which the company says makes for better composite decking than pressure-treated lumber. Fiberon says its operations prevent 70,000 tons of plastic, wood, and other materials from reaching the landfill each year.
In a press release, FBHS says with the Fiberon purchase, it hopes to take advantage of changing preferences among customers for outdoor home products.
The deal between Fortune Brands and Fiberon is subject to regulatory approval but is expected to close within 30 days, according to the press release. Fiberon will become part of Fortune Brands’ new Doors & Security segment, which will include the Therma-Tru brand of doors. Therma-Tru already uses recycled plastic and wood to create composites for some door components.
Headquartered in Deerfield, Illinois, Fortune Brands Home & Security 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 and holds market leadership positions in all of its segments. Fortune Brands is part of the S&P 500 Index.
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