Fortune Brands Home &: Fortune Brands Announces $250 Million Share Repurchase
The following excerpt is from the company's SEC filing
June 2, 2014 Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading home and security products company, today announced its Board of Directors has authorized the repurchase of up to $250 million of shares
of the Companys 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. This authorizatio
n 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
Boards continued confidence in the Companys long-term cash flow potential. The Companys 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.
Home & Security, Inc. (NYSE: FBHS), headquartered in Deerfield, Ill., creates products and services that help fulfill the dreams of homeowners and help people feel more secure. The Companys trusted brands include Master Lock security
products, MasterBrand cabinets, Moen faucets, Simonton windows and Therma-Tru entry door systems. Fortune Brands holds market leadership positions in all of its segments. Fortune Brands is part of the S&P MidCap 400 Index. For more information,
please visit www.FBHS.com.
This press release contains certain forward-looking statements regarding business strategies, market potential, future financial performance and
other matters. Statements preceded by, followed by or that otherwise include the words believes, expects, anticipates, intends, projects, estimates, plans,
outlook, and similar expressions or future or conditional verbs such as will, should, would, may and could are generally forward-looking in nature and not historical facts.
Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans and expectations of our management. Although we believe that these statements are
based on reasonable assumptions, they are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those indicated in such statements. Our actual results could differ
materially from the results contemplated by these forward-looking statements due to a number of factors, including but not limited to: (i) our reliance on the North American home improvement, repair and new home construction activity levels,
(ii) the North American and global economies, (iii) risk associated with entering into potential strategic acquisitions and integrating acquired companies, (iv) our ability to remain innovative and protect our intellectual property,
(v) our reliance on key customers and suppliers,
(vi) the cost and availability associated with our supply chains and the availability of raw materials, (vii) risk of increases in our postretirement benefit-related costs and funding
requirements, (viii) compliance with tax, environmental and federal, state, and international laws and industry regulatory standards, and (ix) the risk of doing business internationally. These and other factors are discussed in
Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission. The forward-looking statements included in this release are made as of the date hereof, and except as
required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date hereof.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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