DEERFIELD, IL - 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 $250 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. This authorization does not obligate the Company to repurchase any dollar amount or number of shares of common stock. This authorization is in effect until June 2, 2016 and may be suspended or discontinued at any time.
With approximately $50 million remaining under the prior share repurchase authorizations, this new limited share repurchase authorization represents the Board's continued confidence in the Company's long-term cash flow potential. The Company's strategy for utilizing free cash flow to drive incremental shareholder value is reflected in the approximately $625 million deployed over the last six quarters to acquire WoodCrafters, repurchase shares, and initiate and increase the dividend. Share repurchases in 2014 total more than $190 million to date.
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 Master Lock security products, MasterBrand cabinets, Moen faucets, Simonton windows and Therma-Tru entry door systems. 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.
Source: Fortune Brands
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