Business

Fortune Brands OKs $300 million stock buyback

Posted March 02, 2017 12:00 am

Business Wire

DEERFIELD - Fortune Brands Home & Security's board of directors has authorized the repurchase of up to $300 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.

The company also has approximately $196 million remaining under an existing buyback that remains in effect until early 2018. When combined with the new program announced today, the total amount authorized for share repurchase is nearly $500 million.

"We have deployed nearly $2.7 billion of capital from 2012 through 2016, but over the next two to three years we believe we can deploy an additional $2 billion to drive incremental value as the housing market continues its elongated recovery," said Chris Klein, chief executive officer of Fortune Brands.

The newly announced 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 Feb. 28, 2019, and may be suspended or discontinued at any time.

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