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Fortune Brands Home & Security (FBHS) has signed an agreement to acquire LARSON Manufacturing for approximately $660 million, aiming to enhance its position in the outdoor living sector. LARSON, a leader in the U.S. storm door market, reported revenues of $390 million, leveraging DIY products that cater to the repair and remodeling market. The acquisition is expected to be accretive, adding $0.14 to $0.20 to FBHS's 2021 earnings per share. Regulatory approval is pending, with the closing anticipated within 30 days. This strategy aligns with FBHS's growth focus in the outdoor living segment.
Fiberon announces an expanded partnership with Wolf Home Products, enabling the availability of their decking and railing products in Ohio, western Pennsylvania, and upstate New York. This growth represents a significant multi-state distribution effort aimed at enhancing product accessibility for contractors. The partnership will also see Wolf carrying Fiberon’s premium PVC decking line, Promenade, and providing dedicated support to trade professionals through territory managers. Both companies highlight the increasing consumer demand for low-maintenance wood-alternative building products.
Fortune Brands Home & Security (NYSE: FBHS) reported its Q3 2020 results, highlighting a 13% sales increase to $1.7 billion, with EPS rising to $1.17 from $0.75 year-over-year. Strong performance across all segments includes Plumbing sales up 15%, Doors & Security up 14%, and Cabinet sales up 11%. The company maintains a robust balance sheet with $465 million in cash and $1.35 billion in credit availability. Despite ongoing COVID-19 risks, Fortune Brands reinitiated its 2020 guidance, projecting sales growth of 4-5% and EPS between $4.03 and $4.11, backed by a favorable housing market.
Moen and Lennar are collaborating to integrate the Flo by Moen Smart Water Shutoff system in homes across the nation, enhancing homeowner water management. This technology enables real-time monitoring, leak detection, and conservation capabilities, promising improved water security. A study indicates that homes using this system saw a 96% reduction in water leak insurance claims within a year. As part of Lennar's commitment to sustainable living, this initiative aims to protect homes from water damage and provide potential savings on insurance premiums for homeowners.
Fortune Brands Home & Security, Inc. (NYSE: FBHS) will disclose its third quarter 2020 financial results on Wednesday, October 28, 2020, after market close. A conference call featuring CEO Nicholas Fink and CFO Patrick Hallinan is scheduled for 4:30 p.m. ET to discuss the results. Investors can access a live internet audio webcast on the company's website, with a replay available shortly after the call. Fortune Brands operates in the plumbing, cabinets, and doors & security segments, holding a leadership position in each segment.
On June 22, 2020, Moen emphasized the critical need for reliable access to water amidst ongoing water shutoffs affecting millions of Americans during the pandemic. The CDC considers handwashing vital for public health, yet many face barriers due to financial hardship. Moen urges individuals to petition Congress for a national moratorium on water shutoffs, highlighting the heightened risk of COVID-19 transmission. Mark-Hans Richer, chief marketing officer of Fortune Brands Global Plumbing Group, stated that access to water is essential for public safety during these challenging times.