FBHS Repurchases $250 Million in Common Stock
June 4, 2014
The board of directors at Fortune Brands Home & Security Inc., parent company of Simonton, Therma-Tru and Fypon, 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 occasionally depending on market conditions, and FBHS is not obligated 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 the board’s 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.