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Fortune Brands Home & Security (NYSE: FBHS) has declared a quarterly cash dividend of $0.23 per share for its subsidiary, Fortune Brands Innovations (NYSE: FBIN). This dividend is payable on March 15, 2023, for stockholders of record as of February 24, 2023. The company is rebranding as Fortune Brands Innovations, effective December 15, 2022, reflecting its focus on growth through innovation and brand development. This marks the first dividend under the new name, demonstrating commitment to shareholder value.
Fortune Brands Home & Security, Inc. (NYSE: FBHS) will host an Investor Day on December 14, 2022, in preparation for its planned separation into two companies: Fortune Brands Innovations and MasterBrand, Inc. (NYSE: MBC). During the event, CEOs Nicholas Fink and David Banyard will present growth strategies, emphasizing product innovation and operational efficiency. Fortune Brands Innovations aims for accelerated growth in home and commercial building markets, while MasterBrand focuses on streamlining operations as the largest residential cabinet manufacturer in North America. Financial targets for 2023 will also be outlined.
Fortune Brands Home & Security (FBHS) has announced a definitive agreement to acquire Emtek, Schaub, Yale, and August brands from ASSA ABLOY for $800 million, netting approximately $700 million after tax benefits. This acquisition, expected to close in Q2 2023, aligns with FBHS's growth strategy and is projected to enhance its market position in the premium hardware and smart home categories, with combined revenues of $350 million. Anticipated tax benefits valued at $100 million over 15 years further support the deal's financial viability.
Fortune Brands Home & Security (NYSE: FBHS) announced the effective registration of its spin-off, MasterBrand, Inc., with the SEC. The spin-off, set for December 14, 2022, includes a new Board of Directors featuring experienced leaders such as Dave Banyard as CEO, and others from various industries. This strategic move aims to enhance MasterBrand's independence and market position. Fortune Brands’ CEO, Nicholas Fink, expressed optimism about MasterBrand's future growth amid ongoing transformation efforts.
Fortune Brands Home & Security (NYSE: FBHS) announced on November 21, 2022, the completion of its cabinet business separation, MasterBrand, set for December 14, 2022. Shareholders as of December 2, 2022, will receive one share of MasterBrand common stock for each share held. Trading for MasterBrand will start on December 9, 2022. Post-separation, Fortune Brands will rename to Fortune Brands Innovations, Inc. and change its ticker symbol to FBIN. This strategic move aims to enhance operational focus and shareholder value.
Fiberon has partnered with Hixson Lumber Company to enhance distribution of its composite decking and railing products across Texas, Louisiana, Arkansas, and Oklahoma. This partnership allows dealers to procure all necessary materials from a single source. Fiberon's products include PE composite and PVC decking, deck fasteners, and cladding, which will be stocked at Hixson's Mineola, TX location. The company aims to capitalize on the rising demand for composite decking, particularly in Texas, a key market. The partnership is expected to boost product availability and customer support for Fiberon dealers.
Fortune Brands Home & Security, Inc. (NYSE: FBHS) plans to change its name to Fortune Brands Innovations, Inc. to align with its growth-focused strategy. This rebranding follows the separation of its Cabinets business and emphasizes brand and innovation. CEO Nicholas Fink stated that the new identity aims to enhance productivity and market position in sectors like water management and connected products. An Investor Day is scheduled for December 6, 2022 to discuss strategies related to the name change and business direction.
Fortune Brands Home & Security (FBHS) reported Q3 2022 sales of $2.1 billion, up 3% year-over-year. EPS rose 8% to $1.57, with adjusted EPS before charges gaining 20% to $1.79. While the firm noted a softening U.S. housing market impacting demand, it remains optimistic about future growth and ongoing plans to separate into two companies ahead of schedule. The full-year guidance reflects anticipated sales growth of 4.5%-5.5% and projected EPS before charges of $6.20-$6.30. Despite challenges, the balance sheet remains strong with $345 million in cash.
Fiberon, a leader in wood-alternative cladding, has introduced a new color, Bamboo, to its Wildwood composite cladding lineup. This light blonde oak color, part of the Sahara Collection, complements existing tones like Mulga and Sumac. Bamboo features unique gradients that resemble natural bamboo shading. Wildwood is made from 94% recycled materials, promoting sustainability and durability. The product aims to provide architects with a low-maintenance, long-lasting alternative to traditional wood, resistant to decay and insects. For more details, visit fiberoncladding.com.
Huttig Building Products has announced a new distribution partnership with Fiberon, expanding Fiberon's reach in the Southeast U.S. market. This collaboration aims to support Fiberon’s growth in outdoor living products, with Huttig prepared to take Winter Buy orders starting in December. Huttig's long-standing partnership with Therma-Tru is leveraged, enhancing its product offerings. The partnership will provide customers access to Fiberon’s sustainable, low-maintenance decking solutions backed by strong warranties.