DEERFIELD, IL - Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading home and security products company, today announced it has completed the sale of Simonton Windows to Ply Gem Holdings, Inc., a leading manufacturer of exterior building products in North America. Fortune Brands announced the agreement to sell Simonton Windows on August 20, 2014.
The Simonton business was sold for approximately $130 million, or roughly 10 times 2014 EBITDA. The Simonton sale is expected to reduce Fortune Brands' second half 2014 earnings per share from continuing operations by 2 to 4 cents.
"We believe the sale of Simonton will allow us to more sharply focus on our Therma-Tru entry door and Fypon trim business and position us to further increase operating results in 2015,” said Chris Klein, chief executive officer, Fortune Brands.
Fortune Brands remains committed to owning and growing its door segment with its industry-leading Therma-Tru entry door business which is focused on the growing fiberglass segment within the entry door category. The Company expects Therma-Tru will continue to drive profitable growth with its product innovation, total door system approach and strong distribution network.
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 and Sentry Safe security products, MasterBrand cabinets, Moen faucets 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 Home & Security, Inc.
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