Fortune Brands Announces $400 Million Share Repurchase Authorization

February 22nd, 2016 by Editor

Fortune Brands Home & Security Inc., the parent company of Therma-Tru doors and Master Lock and SentrySafe security products, announced that its board of directors has authorized the repurchase of up to $400 million in 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.

“We have deployed approximately $1.9 billion of capital from 2012 through 2015, but we believe that we can deploy an additional $2 billion to $2.5 billion to drive incremental value as the housing market continues to recover to mid-cycle levels over the next three years,” said Chris Klein, chief executive officer of 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 16, 2018, and may be suspended or discontinued at any time.

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