Fortune Brands Announces $300 Million Share Repurchase Authorization

March 3rd, 2017 by Editor

Fortune Brands Home & Security Inc.,the parent company of Therma-Tru Doors and Master Lock security products, recently announced that its Board of Directors has authorized the repurchase of up to $300 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.

The company also has approximately $196 million remaining under an existing share repurchase authorization that remains in effect until early 2018. When combined with the newly announced program, the total amount authorized for share repurchase is nearly $500 million.

“We have deployed nearly $2.7 billion of capital from 2012 through 2016, but over the next two to three years we believe we can deploy an additional $2 billion to drive incremental value as the housing market continues its elongated recovery,” said Chris Klein, chief executive officer, Fortune Brands.

The newly announced share repurchase authorization does not obligate the company to repurchase any dollar amount or number of shares of common stock. This authorization is in effect until February 28, 2019, and may be suspended or discontinued at any time.

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