DEERFIELD, IL - WoodCrafters and MasterBrand Cabinets' parent Fortune Brands Home & Security, Inc. (NYSE: FBHS) will repurchase $250 million in shares of its common stock.
The repurchase will take place over the next two years on the open market or in privately negotiated transactions, the company said. Yesterday competitor Masco announced it would buy back 50 million of its shares.
Fortune Brands says its recent investments, $1 billion during the past 7 quarters, are increasing shareholder value, including the acquisitions of Sentry Safe and WoodCrafters Cabinets, totaling $417 million.
"We estimate that an even greater amount can be deployed from this point forward as the housing market continues to recover to a steady state," said Chris Klein, CEO.
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