Fortune Brands Announces $250 Million Share Repurchase AuthorizationJune 3rd, 2014 by DWM Magazine
Fortune Brands Home & Security Inc. 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 what the board calls its 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.