Business

Fortune Brands approves $400 million stock buyback

Posted February 23, 2016 12:00 am

Business Wire

DEERFIELD - Fortune Brands Home & Security's board of directors authorized the repurchase of up to $400 million of shares of the company's common stock over the next two years.

The purchases, if made, will occur from time to time depending on market conditions.

"We have deployed approximately $1.9 billion of capital from 2012 through 2015, but we believe that we can deploy an additional $2.0 billion to $2.5 billion to drive incremental value as the housing market continues to recover to mid-cycle levels over the next three years," said Chris Klein, chief executive officer, Fortune Brands.

The share repurchase authorization does not obligate the company to repurchase any dollar amount or number of shares of common stock. This authorization is in effect until February 16, 2018, and may be suspended or discontinued at any time.

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