Fortune Brands Acquires Solar Innovations; Further Expands Outdoor Living OfferingsFebruary 1st, 2022 by Editor
Fortune Brands Home & Security Inc. announced it has acquired Solar Innovations LLC, producer of wide-opening exterior door systems and outdoor enclosures.
Solar Innovations will be part of Fortune Brands’ Outdoors & Security business segment, and Fortune says Solar Innovations’ product offerings will support the segment’s outdoor living strategy and help Fortune Brands to further capitalize on the attractive outdoor living space and outdoor living trends.
“The acquisition of Solar Innovations is aligned with our long-term strategic focus on the fast-growing outdoor living space. With Solar Innovations’ technical expertise and R&D strength, we can accelerate our innovation and premium door offerings to help drive above-market share gains,” says Nicholas Fink, chief executive officer of Fortune Brands. “With the backing of Fortune Brands and our Fortune Brands Advantage capabilities, we can add value for all of our stakeholders.”
Solar Innovations has approximately 30 registered patents, and is recognized for its retractable door offerings, material capabilities and design aesthetics, the Fortune Brands announcement said. Solar Innovations is based in Pine Grove, Pa., with approximately 135 associates. The company expects that the Solar Innovations management team, associates and facilities will remain in place.
“Homeowners are more fully using their outdoor areas to expand their living space and add to their day-to-day comfort. We believe the attention on outdoor living will continue well into the future and are excited to have this new addition in our portfolio to help us capitalize on outdoor living opportunities,” said Fink.
The company completed the acquisition on January 31, 2022, for a price, net of tax benefits, of up to $63 million.