Fortune Brands Completes Acquisition of Fiberon as Part of Doors & Security Segment
Sep. 11, 2018
DEERFIELD, Ill.--(BUSINESS WIRE)--Sep 11, 2018--Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading home and security products company, today announced it completed the acquisition of Fiberon, LLC, a leading manufacturer of outdoor performance materials used in decking, railing and fencing products. Fortune Brands announced an agreement to acquire Fiberon on August 23, 2018. Fiberon is now part of Fortune Brands’ Doors & Security segment.
The Company completed the acquisition for a purchase price of approximately $470 million, which was funded with cash on hand and borrowings under its revolving credit and term loan facilities. In 2017, Fiberon had approximately $200 million in annual sales. Fiberon has approximately 475 associates with offices and operations in Meridian, Idaho and New London, North Carolina. Fortune Brands expects to maintain Fiberon’s current operations and locations.
About Fortune Brands
Fortune Brands Home & Security, Inc. (NYSE: FBHS), headquartered in Deerfield, Ill., creates products and services that fulfill the dreams of homeowners and help people feel more secure. The Company's operating segments are Plumbing, Cabinets and Doors & Security. Its trusted brands include Moen, Perrin & Rowe, Riobel, Rohl, Shaws and Victoria + Albert under the Global Plumbing Group (GPG); more than a dozen core brands under MasterBrand Cabinets; Therma-Tru entry door systems, Fiberon outdoor performance materials, and Master Lock and SentrySafe security products. Fortune Brands holds market leadership positions in all of its segments. Fortune Brands is part of the S&P 500 Index. For more information, please visit www.FBHS.com.
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CONTACT: INVESTOR and MEDIA CONTACT:
Fortune Brands Home & Security, Inc.
KEYWORD: UNITED STATES NORTH AMERICA IDAHO ILLINOIS NORTH CAROLINA
INDUSTRY KEYWORD: HOME GOODS MANUFACTURING OTHER MANUFACTURING LANDSCAPE RETAIL CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Fortune Brands Home & Security, Inc.
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PUB: 09/11/2018 04:05 PM/DISC: 09/11/2018 04:05 PM