Fortune Brands Home and Security Announces $150 Million Share Repurchase AuthorizationFebruary 27th, 2014 | Category: Industry News
Fortune Brands Home and Security Inc. announced its board of directors has authorized the repurchase of up to $150 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. The authorization is in effect until February 25, 2016, and may be suspended or discontinued at any time.
With only $20 million remaining available under the prior share repurchase authorization from July 25, 2012, this new limited share repurchase authorization represents the board’s continued confidence in the company’s long-term cash flow potential and its support of the company’s broader strategy for utilizing free cash flow to drive incremental shareholder value.
“In addition to organic growth, we plan to use our strong cash flow and balance sheet to drive incremental shareholder value in a number of ways,” says Chris Klein, CEO of Fortune Brands Home and Security. “We intend to continue to be efficient with our cash by investing in our businesses, pursuing accretive, strategic acquisitions and returning cash to shareholders.”