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Frontdoor, the leading U.S. home warranty provider, signed an exclusive deal with Moen to install its Flo Smart Water Monitor and Shutoff in California. This initiative targets homeowners purchasing Flo via home insurance provider programs. The mandate by insurers to install such devices aims to decrease water damage claims by up to 96%. The agreement, effective June 7, will leverage Frontdoor's vast network of plumbing contractors for thousands of monthly installations. Additionally, Flo customers will receive a year of Frontdoor Unlimited membership, including unlimited video chats with experts and access to local pros.
Moen has partnered with Amica Insurance to promote the adoption of Flo Smart Water Monitor and Shutoff devices among policyholders. These smart devices reduce water damage claims by up to 96% and preventable water leaks by up to 90%, offering a proactive solution to water leaks. Water damage constitutes 24% of all homeowner insurance claims, costing insurers over $15 billion annually in leak-related payouts. The initiative aims to alleviate these costs and reduce the estimated one trillion gallons of water wasted annually due to leaks. The devices use Microleak™ Technology to detect leaks as small as a drop per minute and automatically shut off water during catastrophic events, with alerts sent via the Moen Smart Water Network App. Homeowners can also track water usage and set conservation goals within the app.
Fortune Brands Innovations (FBIN) has acquired a minority stake in Value Hybrid Global and entered a strategic partnership to develop connected lockout tagout (cLOTO) solutions, aimed at enhancing workplace safety and compliance. This collaboration will expedite Master Lock's ability to market new, innovative cLOTO products, leveraging its established brand and expertise. Master Lock will have exclusive rights in North America and non-exclusive rights elsewhere to sell these solutions. The partnership aims to transform traditional mechanical LOTO systems into connected, digital solutions, addressing safety and compliance challenges globally.
Moen has announced a strategic initiative with Farmers Insurance to promote Flo Smart Water Monitor and Shutoff devices, aiming to reduce the frequency and cost of water damage claims.
The devices can lower water damage claims by up to 96% and reduce household water waste by up to 90%. This collaboration seeks to minimize the financial burden on insurance companies and homeowners due to water leaks, which cost insurers over $15 billion annually.
These smart devices monitor water pressure and flow rates, detecting leaks and sending alerts through the Moen Smart Water App. This initiative also supports water conservation efforts, important in areas with water scarcity.
Fortune Brands Innovations, Inc. (NYSE: FBIN) announced a quarterly cash dividend of $0.24 per common share, payable on June 12, 2024. The company is a leader in home products, security, and commercial building markets with a diverse brand portfolio.
Fortune Brands Innovations Inc. (NYSE: FBIN) reported strong Q1 2024 results with $1.1 billion in sales, a 7% increase YoY. Organic sales were $1.0 billion, a 3% decrease YoY. Earnings per share (EPS) were $0.76, a 13% increase YoY, and EPS before charges/gains were $0.83, a 20% increase YoY. The company reaffirmed its 2024 guidance, focusing on sales performance, margin expansion, and cash generation.
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